GM is getting yet another $4 billion of U.S. taxpayer money. This makes their bail out loan total $19.4 billion. This figure does not include the Canadian taxpayer money also given to GM.
Yet GM is heading towards bankruptcy at the end of the month. Supposedly the bankruptcy is a show down with GM bondholders and investors, but why pump more U.S. taxpayer money into a company that is planning to offshore outsource the jobs?
GM has already stated their intent to offshore outsource 98% of production, as part their (government approved) restructuring plans.
Do you want your taxpayer dollars going to a company who is busy squeezing workers and planning to offshore outsource their jobs?
Supposedly GM has reached deals with the UAW and CAW, but either the United Auto Workers or the Canadian workers' press releases mention any change in GM's labor arbitrage agenda. One article describes the wage squeeze:
The governments have offered between CA$9 billion and CA$10 billion ($7.7 billion to $8.5 billion) in loans to GM Canada and Chrysler Canada if they approve of the restructuring and cost-saving measures laid out by the struggling automakers.
"The government of the U.S. has made a decision it will engage in politically driven restructuring of GM," Prime Minister Stephen Harper told reporters in Calgary.
"Either we participate or these companies which are big in the economy will simply be restructured out of Canada. That's not a reasonable alternative. We are committed to participating
See this article and this one for more details.
Three Blind Mice
Obama, Pelosi, Reid - Why are they turning a blind eye to the fact that GM will outsource production? Most people buy GM cars for the fact they are Made in America and not because they are good cars.
If GM cannot sell a car made in Detroit, the more they will not sell a car made in China. Toyotas, Hondas, BMWs, Subaru's are made in America and hire Americans - why buy a clunker?