Various petroleum sources have estimated 1,000,000 jobs could be created if only Obama would reverse his policy and instead of throwing away the people’s money on doomed solar companies he’d sit down at his desk and sign some permits. Even if those touting a million jobs are off by 90% that’s still 100,000 jobs.
60,000 jobs were saved at GM at a cost to the taxpayers to the tune of $27 billion. Riot claims those 60,000 jobs actually represent and saved 1.2 million ancillary jobs.
If that conversion is to be believed reviewing a few calculations will make you sick:
Owed to Taxpayer
GM -$27,000,000,000
Oil $0
U.S. Jobs Created / Saved
GM 60,000 Ancillary 1,200,000*/Total 1,260,000
Oil 100,000 Ancillary 2,000,000* /Total 2,1000,00
* Ancillary formula using Riot’s conversion
Tax Receipts Created / Saved (Based on $40K/yr 20%)
GM $11.34 billion - $27 billion= $15.66 billion loss
Oil $189 billion – 0= $18.9 billion gain
There you have it. A demonstration of how FUBAR’d the GM deal was to the taxpayer and the money Obama is purposely leaving on the table choosing failure over success. A $34.56 billion difference is not small potatoes. The good news is GM will be close to even with next year’s tax receipts so out of courtesy working the number out to the standard 10-year frame Obama seems so fond of, and using $40K/yr as an average salary, GM will have contributed $84.88 billion in tax receipts from GM and ancillary workers. Over 10 years new/ancillary oil jobs $189 billion. What’s scary is if petroleum analysts are off by only 50% or God forbid balls on with their prediction.
If Riot’s conversion number is correct, unemployment could be severly reduced using a pen instead of taxpayer money. Good for the economy, jobs and ultimately social security and Medicare’s survivability.
Yea, Mr. President, keep telling us how that $27 billion was well spent! Explain it to military personnel and senior citizens, who were warned they might not be receiving checks w/o further raising of the debt ceiling (printing more money) and digging a deeper hole. Then be honest and tell taxpayers they will be picking up the $27 billion tab.
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