Today’s Detroit News reported today that the government has revised the estimated losses from the auto bailout up $170 million.
The article reports:
In the government’s latest report to Congress this month, the Treasury upped its estimate to $23.77 billion, up from $23.6 billion.
Last fall, the government dramatically boosted its forecast of losses on the rescues of General Motors Co., Chrysler Group LLC and their finance units from $14 billion to $23.6 billion.
Much of the increase in losses is due to the sharp decline of GM’s stock price over the last six months.
Three solar companies the government invested in went bankrupt or laid off workers last week. The losses in the bailout of the auto companies were considerably more than what was initially projected. Have we learned yet that the government should not be investing taxpayer money in private businesses? Government interference in the free market has done nothing but take large amounts of money out of taxpapayers’ pockets and increase the national debt. Someone is needed in Washington who can put a stop to the overspending and misuse of taxpayers’ money.