Super PACs: Gamble on America

The future of American elections

The future of American elections (Photo credit: Cory M. Grenier)

The U.S. budget deficit at the end of Fiscal Year 2012 is 1.089 trillion, less than last year when it was 1.297 trillion.  Super PACs have spent 530,816,785 to date.  The President has proposed a 350 billion jobs bill and a 476 billion infrastructure bill for Fiscal Year 2013.  So, if this election is all about jobs as both candidates suggest, than why don’t the Super PACs all get together and raise money to pay for these bills?  And then, because Super PACs can raise unlimited amounts of funds, and there is no limit to what corporations and billionaires can and will spend, why don’t they endeavor to raise the trillion and change needed to erase the deficit? The Super PACs could become Superheroes.

This is the least the PACs could do for the U.S., after all, many of their interests were bailed out with TARP and ARRA (Stimulus) funds, so why don’t they now return the favor and bail out the U.S.?  As it is, billionaires are just throwing around money as if playing in a high stakes poker game or betting on horses at the track.  Come on billionaires, if you don’t want to pay higher taxes, then at least gamble a little on America.  Becoming a Superhero is a pretty good return on your investment!

GM Debt Free? Not Yet

Ok, so GM paid off its 7 billion in direct loans from Canada and the U.S. ahead of schedule.  However, don’t forget that GM received 43 billion in TARP bailout money in 2009 which was converted into equity in Chapter 11 bankruptcy proceedings.  Now the U.S. treasury owns a little over 60% of GM; Canada around 12%.  When shares of GM go public, and this may come as early as the summer, the two governments can get out of the car business and recover some if not all of its investments.  And of course this would be good for taxpayers and another victory for the Obama administration.  But the success of the IPO depends on whether Mr. Whitacre can really turn around the auto giant, known in some circles as Government Motors.

Can GM turn the corner?  Are their cars good enough to win back consumers who turned to the Japanese in the late 70’s?  Would you buy a Chevy Malibu, Impala, or Silverado?  Or how about a Dodge Charger or Neon.  Do they even make the Neon anymore?  I’d like for GM to bring back the Dodge Colt and the Dodge Dart.  Now may be the best time ever for GM to pick up customers as ailing Toyota struggles to regain its reputation for quality.