Obama Spends $561,000 per Employee to Save GM

Talk about your payoffs to the auto workers (from Campaign Spot):

Almost $50 Billion in Aid To Save 88,000 Jobs?

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?

And what are we going to get for this? A line of cars that Americans won't buy, thus insuring the total collapse of what is left of the company.

And in a later post, Jim at Campaign Spot has the numbers on another big bailout:

By comparison to the GM aid, the government's expense to save jobs at GMAC is a bargain. The federal government has provided $12.5 billion in loans and aid to GMAC, which employs 26,700 people. This comes out to $468,164.79 per employee.