Eugene Robinson: “In truth, I don’t see much more than a temporary reprieve for General Motors and a somewhat easier landing for GM workers.”
If that is the case, we’re spending an astronomical amount for a “temporary reprieve” and “somewhat easier landing.” According to today’s Washington Post, the company currently employs 88,000 workers in the United States. (That seems low, but that’s what the paper says.) GM has gotten $19.4 billion in loans from the U.S. government and Obama promised another $30 billion yesterday.
$49.4 billion divided by 88,000 workers comes out to $561,363.63 per worker.
Can that possibly be right? That in an effort to avoid layoffs, Uncle Sam has pursued a course more expensive than handing each worker a check for a half a million dollars?
UPDATE: The Wall Street Journal says GM employs 91,000 workers — which would put current assistance at the slightly lower $542,857.14 per worker.