Taxpayers Lost Almost $10 Billion on Auto Bailout
January 6, 2015
The federal government finally announced an end to the auto industry bailout, a product of the Troubled Asset Relief Program. The Auto Industry Financing Program (AIFP) loaned $79.69 billion to American car manufacturers General Motors and Chrysler in 2009 under Presidents George Bush and Obama.
The government declared that all AIFP loans had been repaid in December 2014 after Ally Financial -- part of General Motors -- made its last repayments. But Jesse Hathaway of the Heartland Institute says that taxpayers lost money: of the $79.69 billion paid to the automakers, the government recovered just $70.42 billion.
The loss of $9.6 billion in taxpayer dollars due to the auto bailout, calculates Hathaway, adds up to a loss of $65.75 per American taxpayer.
Source: Jesse Hathaway, "Taxpayers Lose Billions as Auto Industry Bailout Ends," Heartland Institute, January 2, 2015.
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