Cumberland Times-News

Opinion

May 8, 2013

They may be billions of dollars in debt, but they’re still alive

CUMBERLAND — “It’s alive.” said Joe Biden, “thanks to this guy right here.” GM disclosed an $11 billion investment for its joint ventures in China last month in Shanghai. That was an increase from a 2011 outline to spend $7 billion through 2015.

“Welcome to General Tso’s Motors,” said the Wall street Journal. “GM is disproportionately benefiting” from the 2009 U.S.backed bankruptcy reorganization of Detroit.

Thanks, taxpayers! It is expected to create 6,000 new jobs in China. Osama is dead. GM is alive!

General Motors of North America report it has 98,000 of its 207,000 GM jobs worldwide. But 12,000 of these jobs are in Canada and 11,500 are in Mexico.

Accordingly, GM has 74,500 jobs in the United States and 122,500 abroad, even after President Obama’s touted surge in Detroit jobs.

GM plans to spend billion dollar investments in its Mexican plants (versus a $100 million investment in Rochester, New York). GM Mexico employs 11,500 direct and about 90,000 indirect employees in Mexico.

Almost two thirds of GM’s jobs are in other countries. Osama is dead and GM is alive.

Aren’t you glad we have President Obama stopping all that outsourcing and protecting those union jobs?

Where is Mitt Romney? Is he to blame? GM has said it invested $8.5 billion in the U.S. since emerging from bankruptcy. Versus $11 billion altogether in China.

Ally Financial, the former financial arm for General Motors, still owes $14.6 billion of the $17.2 billion in aid it received from the TARP bailout.

Ally and GM together owe more than half of the $37 billion to U.S. taxpayers, according to a recent quarterly report to Congress.

There are no plans to use the $11 billion it’s investing in China to pay it down.

And then there is Chrysler Group LLC an American automobile manufacturer headquartered in Auburn Hills, Michigan but principally owned by majority shareholder Fiat.

Fiat, you may have seen has increased its exports to the U.S. It owns 58 percent of the company. Chrysler still owes nearly $11 billion. It’s alive.

China boasts the longest bridge in the world at Jiaozhou Bay. (Not a Bain Capital idea!)

GM plans to build vehicles in China and ship to the U.S.

 So you can “See the USA in your Chevrolet from JiaozhouBay!”

Lee Brant

Cumberland

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Opinion
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