Thursday, February 12, 2009

Budget Officer Debunks Auto "Loans"

Parliamentary Budget Officer, Kevin Page, released a report yesterday raising the strong likelihood that the bailouts for big Auto will likely be costs to the taxpayers not 'loans' as they have been portrayed by politicians and big Auto.

The CTF has argued for years, based on comprehensive and detailed research, that so-called loans are mostly written off - that only 17 cents is paid back for every dollar doled out.

It should come as no surprise that this money will merely increase the deficit and will not create jobs. Taxpayers should be glad Mr. Page sees this. Now, if only our elected officials would get it and end these ridiculous subsidies!

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