By Seton Motley | July 17, 2012 | 09:54
The Jurassic Press is missing much in their reporting on the $50 billion bailout of General Motors (GM). The Press is open channeling for President Barack Obama – allowing him to frame the bailout exactly as he wishes in the 2012 Presidential election.
The President is running in large part on the bailout’s $30+ billion loss, uber-failed “success.” And the Press is acting as his stenographers. An epitome of this bailout nightmare mess is the electric absurdity that is the Chevrolet Volt. The Press is at every turn covering up – rather than covering – the serial failures of President Obama’s signature vehicle.
The Press has failed to mention at least five Volt fires, myopically focusing on the one the Obama Administration hand-selected for attention.
GM and the Administration don’t know. And the Press ain’t breaking their necks trying to find out.
In more recent news, the Press has almost as one hailed the June Volt sales increase.
The Press has for the most part failed to mention how pathetic this “second-best sales month” actually is. And even when one Dinosaur does, the unwarranted enthusiasm is palpable.
Wow. Huge number.
The Press also fails to put this pathetic tally in perspective.
The Chevy Cruze is basically a Volt without the dead-weight, flammable 400-lb. electric battery. Which makes it $17,000, rather than the Volt’s $41,000.
Chevy in June sold 18,983 Cruzes – more than ten times the number of Volts. And that’s down 1/3 from last June’s 24,648.
But that feeble Volt tally has the Press all revved up.
And speaking of the Volt’s ridiculous $41,000 sticker price:
According to multiple GM executives there is little or no profit being made on each Volt built at a present cost of around $40,000. Furthermore, the $700 million of development that went into the car has to be recouped.
Get that? GM makes “little or no profit” on the Volt.
So it makes perfect sense that GM would spend millions of dollars advertising it, does it not? No ideological or campaign intent there, eh President Obama?
Look, I get it, it’s fun. I just spent $1 million – of your money – advertising free air. On which my profit margin is just as good as GM’s is on the Volt.
I mean, it’s so cool – it can travel back in time to inspire the production of cars before it even existed.
I mean, it’s so cool – it can travel back in time to offer the exact same technology as a car from 1991. And the exact same electric battery range as a car from 1897.
We’re talking retro-grade cool.
But wait – there’s so much more.
(A)dd $240 million in Energy Department grants doled out to G.M. last summer, $150 million in federal money to the Volt’s Korean battery supplier, up to $1.5 billion in tax breaks for purchasers and other consumer incentives, and some significant portion of the $14 billion loan G.M. got in 2008 for “retooling” its plants, and you’ve got some idea of how much taxpayer cash is built into every Volt.
Speaking of those “tax breaks for purchasers and other consumer incentives” – as of November of last year that tally all by itself was $250,000 per Volt sold.
And that excruciating pain is ongoing. Again, a Volt sold makes GM no money – but costs We the Taxpayers a $7,500 bribe – I mean “incentive.” Oh – and President Obama wants to jack that bribe to $10,000 per.
I guess it’s good news after all that Volt sales remain so anemic.
And with GM’s new 60-day return policy, it looks like you can buy a Volt and cash the $7,500 bribe check. Then return the Volt – and keep the $7,500 bribe cash. How’s that for Taxpayer coin stewardship?
Keep all of this outrageousness in mind when next the Jurassic Press joins with the Obama Administration in celebrating the Chevy Volt.
But it (allegedly) helps President Obama get reelected. And nothing would make the Press happier – and for that there’s (almost?) nothing they won’t do