The initial cost of the federal bailout of the auto industry was $82 billion. The Treasury is getting back all but 18 percent to 28 percent of that amount.
Thus, the final, net cost to taxpayers will be in the range of $14 billion to $23 billion. What did we get in return?
According to an article in the Star Tribune ("Carmakers' recovery hits the accelerator," Dec. 24), preservation of more than 1.4 million jobs and $96 billion in personal income in 2009-2010.
That seems like a pretty good deal to me.
By taking action, the government preserved the U.S. auto industry, including small businesses that manufacture auto parts.
Going forward, because there is still a U.S. industry for them to invest in, domestic and foreign automakers will add nearly 167,000 more jobs in the United States by the end of 2015.
I would like those who decry the bailout to explain how allowing the entire auto industry to just collapse would have achieved better results.
Please be specific. Republican candidates for president may go first.
