Government Motors: another fake success story

There’s been lot of hoopla in the MSM recently about GM’s “turnaround”. Well, it ain’t all that hard to be profitable when the government enables you to stick it to creditors and take advantage of special tax breaks.

The sweet tax deal GM receives was set up by the Obama Administration as the company was granted a multi-billion dollar tax credit for loss carry-overs when they exited their bankruptcy proceeding. Normally, the company would not have received the tax credit but the bankruptcy process was anything but normal. Creditors were put in the back of the line to protect UAW interests and tax code was changed so that GM could profit for years without paying its fair share in taxes. President Obama now campaigns on the perceived success at GM and any help he can give to the company will result in additional votes come November. As taxpayers lose out, GM profits and shares the wealth with the politically favored UAW.

An America bilked to the last!

H/T: Moonbattery

Update: Of all the unmitigated imbecilities enshrined in Obama’s economic program, the excise tax on manufacturers of medical devices has to be one of the most bone-headed.