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Seattle Times letters to the editor

December 12, 2013 at 6:29 AM

GM bailout is still not complete

When GM produces quality cars that exceed fuel efficiency standards, then we can call it a success

While I agree with Treasury Secretary Jack Lew on his statement that without the money given to GM the U.S. would have lost over a million jobs and might have slipped further from a recession to a depression, I have to ask why the American people didn’t have a voice in this decision [“$10.5 billion price tag for federal GM bailout,” Business, Dec. 10].

Granted taxpayers cannot be informed on all the issues specific to the auto industry, but, in principle, bailouts should be the topic of a larger discussion and specific legislation regarding when such rescue maneuvers are appropriate.

Today, some say President Obama made good choices that led to a recovering auto industry, but the truth has yet to be revealed. How the money was truly used and how much of the $26.8 billion in cash that GM now has on hand will be “returned” to the tax payers is still an unknown.

If the payback is GM producing satisfied customers and quality cars that exceed fuel efficiency standards — to support national security by reducing our dependence on foreign oil — only then we can say it was a success.

— Daniel Osmek, Seattle

0 Comments | More in Economy, Energy | Topics: Auto bailout, GM

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