Here is why conservatives say GM is not the success story Obama wants you to believe it to be

<<<< Beautiful car.  A sham of an auto company and Chrysler is now owned 100% by Fiat at a loss of $2 billion to taxpayers.    

From the truly Marist European rag, The Guardian,  we have this ridiculous report on the success of GM:  

GM's fortunes have recovered dramatically since its emergence from bankruptcy in 2009. The firm said it sold 2.39m cars during the quarter, compared with 2.32m a year ago. GM had $32.6bn in cash reserves and other liquid assets at the end of the quarter.   Its government-backed bailout has become a political hot topic.   Mitt Romney has been a persistent critic of the bailout and is running ads that highlight the plight of auto dealerships closed as a condition of the government-managed bankruptcies.    In turn, president Barack Obama has consistently championed the bailouts for saving over a million US jobs and criticised Romney for his 2008 New York Times editorial entitled "Let Detroit Go Bankrupt."

What is humorous about this apparent good report,  is the fact that the headline of this very story reads:  "GMprofits slip 41% as European struggles take their toll."  

Let me rephrase:  headline  -  “Other than the fact that GM sales fell 41% in the 2Q, GM is doing great.” 

Here are the facts:  beside the bad news found in the headline,  GM individual customer sales were down 3% and 41% down to rental car fleets,  in the second quarter of this years, GM stock is selling for $19 per share,  down from its IPO of $33 per share  (a potential loss of 46 billion dollars to inventors),  and,  $53 per share in loan recovery costs – GM still owes the American people $23 billion in bail-out costs.  All that "good news" in The Guardian’s  report,  ignores what I have just written  along with the fact that GM pays no corporate sales taxes for ten full years, or its fiscal woes would be far worse.  

Understand this corporate taxes total 35% of its profit margin.  The fact that all other auto companies must pay this tax,  gives GM a huge break as it seeks to balance its bottom line.  Ford uses losses accrued  between 2006 and 2008 to secure much the same "break."   The difference?  Ford is responding to Bush era tax laws,  GM is benefiting from special arrangements made by the current Administration.  Toyota, Honda, Kia or  Hyundai all suffer under the 35%.   

In the end,  GM is being propped up by the Obama re-election strategy and is  not the success this Administration  wants folks to believe.