The ‘Recovery Fall Tour’: More Subsidies for the Rich ( National Review 11.24.10)
Posted by hpayne on November 24, 2010
Goodbye “Recovery Summer Tour.” Hello “Recovery Fall Tour.” Different name, same waste of taxpayer dollars.
At a Chrysler facility in Kokomo, Indiana today, President Obama stubbornly continued his pre-election theme that the UAW bailout and green jobs are rescuing the American economy. The president, Veep Biden, and Fiat/Chrysler Chief Sergio Marchionne touted Chrysler’s $300 million investment of taxpayer money into the Indiana plant to build a new generation of transmissions.
But the president’s visit only managed to highlight again the stimulus’s “Robbing Hood” economics: stealing from taxpayers to pay big corporations. Obama’s posse was accompanied by Delphi executive Gary Cameron, whose company was the recipient of $89 million in federal stimulus money to help “transform America” into a green economy.
Delphi will use its tax dollars to build green-vehicle components to be used in hybrid cars targeted at buyers making over $100,000 a year. The grant “definitely improved our competitive position,” said Cameron. “Kokomo is obviously a manufacturing site today because of the stimulus-partnership money.”
In addition to Delphi, federal stimulus has also gone to Korean multinational LGChem and A123 Systems to make green batteries for upper-class chariots