The problem is that President Obama’s former “car czar,” Steve Rattner, estimates that the taxpayers’ stake in GM now stands around $25 billion. That means $24 billion of taxpayer dollars may have been lost for good. In fact, despite this multi-billion dollar cash infusion to GM, sales declined by 45% in September, while privately-owned Ford Motors fell only 6%. And, that makes it far less promising for taxpayers.
What’s more, we know little to nothing about how this whole transaction transpired. The President’s Automotive Task Force has operated in complete secrecy and they must be held accountable for their actions. Taxpayers deserve both fiscal responsibility and transparency from their government.