General Motors was too big to fail, we were told. With that rationale, billions upon billions of government money was transferred into General Motors bank accounts. It was for our own good, we were told, to give General Motors huge amounts of money, because the money would save General Motors, and then would provide lots of lots of jobs for Americans.
Now, months later, we can see that it’s all turned out to be true… except for the “Americans” part. GM is using the government bailout money to create jobs, all right. The jobs GM is creating are in China, though, not in the USA.
Okay, to be fair, GM will be creating jobs in more places than just China. They’ll also make jobs in Mexico and Korea. Workers in those countries will make cars that then will be sold in the USA.
GM management says not to worry though, because some of the profits from the sale of cheap cars made in foreign countries by workers who don’t have full labor rights in factories that don’t meet environmental standards will come back to the United States, to GM executives. A little of that money, then, will trickle down all over the rest of us…
…just like has happened with all that other made in China junk. Feel better now?