In other GM news, that’s how much U.S. taxpayers will end up spending on the auto bailouts, according to a new study authored by professor Thomas D. Hopkins in conjunction with the National Taxpayers Union:
To better appreciate the scale of the bailout, it is instructive to divide the taxpayer’s contribution of $79 billion by the number of vehicles [GM and Chrysler] sell. If the two sell 7.36 million vehicles during 2009 and 2010, the subsidy represents $10,700 per vehicle. That (plus interest forgone) would be the direct taxpayer burden (a) were no further subsidy granted and (b) the firms do not survive beyond 2010.
Might as well buy a car from GM or Chrysler: You already paid for a third of it.