Barack Obama wants to repeat the “success” of auto bailout with every industry.
The U.S. government will lose about $23 billion on the 2008-2009 bailout of General Motors and Chrysler. The extra UAW subsidies in the auto bailout cost $26.5 billion—more than the entire foreign aid budget in 2011. The Detroit auto bailout was, in fact, a UAW bailout.
The Politico reported:
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”
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Now Obama wants to repeat that “success” with every industry.