I was watching the questioning of the big-3 CEOs by Congress today and noticed some of the most intense questioning came from Senators from Alabama and Tennessee. They both mentioned concerns about the safety of taxpayers money loaned the auto-makers.
So just out of curiousity, I wondered how much the Federal Government spends in Michigan (as an example of a state heavily committed to the auto industry) and the states these senators represent.. for one year.
http://www.geocities.com/jwalkerxy/Fed_expeditures_state.xls">Here's what I found:
........................ Federal Taxes paid
............................ Total Federal
................................ Federal Receipts
...................................by state
............................ Expenditures by state
........................ minus Expenditures
.....................................2005.......
...................................... 2005.........
................................. 2005......
Michigan
............ $66,300,000,000
................................ $64,787,000,000
............................ $1,513,000,000
............per capita $6,582.72
......................................... $6,432.50
Alabama
............. $24,675,000,000
............................ $42,061,000,000
............................ ($17,386,000,000)............................ $5,331.85
...................................... $9,088.67
Tennessee
........... $35,900,000,000
............................ $48,288,000,000
........................... ($12,388,000,000)............................ $5,831.03
...................................... $7,843.14
I also noted that Federal expenditures for GRANTS (BLOCK, FORMULA, PROJECT, AND COOPERATIVE AGREEMENTS), GUARANTEED/INSURED LOANS and Insurance for the three states were:
Michigan: $25,134,697,631.... per capita: $2,495.55
ALabama: $21,301,215,569 .... per capita: $4,602.83
Tennessee: $19,109,282,704 .... per capita: $3,103.81
Just interesting. IF you added the amount Alabama and Tennessee get in grants, guaranteed/ insured loans and insurance from the Federal Government it would be quite a bit greater than what the domestic auto industry is asking for in bridge loans.