YAL-er Response to Statist Letter to Editor
Over the last three weeks, a fued has erupted on the opinion section of the Vacaville Reporter. The first letter was written to defend the TEA Partiers despite their fallacies, and can be found here. The response to that letter which ran the next week accused anti-state citizens of being wrong about the GM Bailout in light of the recent "loan repayment." Below is my response, which was published in Saturday's edition.
I find it amusing that the author of recent letter ("Feds disproving Tea Party," April 29) could be so off from obviously not reading the second half of the story about GM's bailout loan.
Yes, GM paid back its $6.7 billion government loan; however, GM received part of the funds to do that because the federal government had given it some $13.4 billion in an escrow account during the bankruptcy, according to www.yaliberty.org. The rest of the funds are only available because GM is collecting a whopping $10.5 billion in taxpayer-backed loans from the Department of Transportation for updating the company to better comply with Corporate Average Fuel Economy standards, according to POLITICO. This money will eventually have to be paid back, but is interest-free.
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