Yikes: Obama Suggests We Bail Out Every Struggling Industry

Posted: Aug 09, 2012 4:36 PM

Bailouts for everyone! That's the latest push coming from President Barack Obama's lips. During a campaign event in Colorado today, Obama touted his "successful" bailout of the auto industry.

 President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.

“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.

REALITY CHECK: GM still owes taxpayers $42 billion, hardly a success. That's money taxpayers will probably never see again. In the long run, bailouts are a loser for everyone (well, for the 53 percent of people who actually pay federal income taxes anyway.)