As taxpayers, you and I bailed out General Motors and Chrysler. What are we getting in return? As of right now, nothing but the warm feeling in our chests of knowing we contributed to saving a couple of poor, helpless, and starving corporations.
Feels good, doesn’t it?
I don’t know about you, but I’d much rather have the government choose where my charitable donations go than trying to sort through the endless array of worthy charities that save starving children or house hurricane victims.
Seeing bloated auto executives on the street would break my heart, and since we didn’t let that happen, Republicans have proposed a way to give back to us: They want to give us stock in return for our investments in GM and Chrysler.
Hallelujah! The U.S. government has given $50 billion to General Motors alone. There are 120 million Americans who submitted tax returns for 2008. By my calculations, that should translate to about $417 in GM stock for each of us.
It makes sense to me for the people who paid the tab to gain ownership. Sen. Lamar Alexander, R-Tenn., the proposal’s author, said,
This is the fastest way to get the stock out of the hands of Washington and back into the hands of the American people who paid for it.
Let me give a virtual chest bump to Lamar – good thinking, bro! General Motors stock last closed at around 75 cents per share, so I figure we’re all entitled to 556 shares.
Maybe if the company recovers, we’ll all be able to cash in and go buy a new Toyota.
Would you be for a plan that transfers ownership of GM and Chrysler to the American people?