Thread: Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion Read

Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion

Posted on October 16, 2012 by Conservative Byte

President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system.” According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout. “We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.


The Congressional Budget Office–based on figures from Obama’s own Office of Management and Budget—gives a different assessment. “The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.
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Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion

In addition to losing 24 billion, we lost millions of jobs (22 million unemployed, more billions of dollars), we added over 4 trillion dollars to the national debt, turned GM into a joke (via the Volt) while bragging that about 75% of GM cars are built in China (see 22 million unemployed above). Obama did save the UAW a bundle, but screwed non-union workers at subsidiaries such as Delco, not to mention the GM bond holders. Yep, this is a typical Obama success story all right.