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After his failure with GM, President Obama now wants to bail out all industries

Barack Obama
Barack Obama
Courtesy of

On Aug 9, President Obama spoke before a contingency of voters in the city of Pueblo regarding jobs and the economy. During his campaign speech, the President dropped a bomb on the American people when he said he would like to bail out and nationalize all manufacturing and industry jobs in the U.S., despite his absolute failure doing this very thing with General Motors (GM).

“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. - Politico

President Obama continues to seek credit for saving General Motors and the entire U.S. auto industry when his administration made the unprecedented move to takeover, nationalize, and use taxpayer funds to bailout the bankrupt company. In November of last year, the Treasury Department, which is a cabinet position in the Obama White House, admitted that losses to the taxpayer would be in excess of $35 billion, even after the promise by the President of no costs to the American people in 2009.

The Treasury Department yesterday revised its loss estimate for the Government Motors bailout from $14.33 billion to $23.6 billion, thanks to the company’s sinking stock price. GM’s Sept. 30 closing price, on which the new estimate is based, was $20.18, about $13 less than its December IPO price and $35 less than what is needed for taxpayers to break even.

This means that the total hit to taxpayers, who still own about a quarter of the company, could add up to $38.6 billion. That’s even more that the $34 billion on the outside I had predicted in May. - Reason

Yet, even after all the rhetoric the Obama administration uses against Mitt Romney for killing jobs in a steel factory, new information out this week shows that the President purposefully allowed non-union workers at Delphi to lose their pensions because of the GM takeover, while at the same time funding the union workers who did the same jobs.

Additionally, President Obama can now be recognized himself as an outsourcer of jobs to China with the new revelations that GM will be building a $1 billion plant in the province of Wuhan.

What President Obama did by nationalizing, and bailing out General Motors back in 2009 was pure socialism, and to a large extent, the same national socialism performed by Germany in the 1930's under Adolph Hitler. As part of the Nazi party manifesto, a key plank in the overall platform was the government nationalization of businesses and industry.

13. We demand the nationalization of businesses which have been organized into cartels.

As the American people go into their fifth year of high unemployment, low growth, and economic stagnation, President Obama may have unknowingly uttered his true plan for America when he told voters in Pueblo that he would like to nationalize all industries the same way he did with General Motors in 2009. Unfortunately for Americans still looking for jobs, and listening to each candidate for hope of real change and a return to prosperity, the track record for Obama is not only the desire to nationalize all industry , but doing so at the cost of tens of billions of dollars in losses to the taxpayer.


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