Obamanomics: Elevating the circle jerk to an art form

Bad news for American workers and taxpayers. That auto bailout isn’t quite working the way they hoped it would.

According to a leaked document, GM plans to sell Chinese-manufactured cars to American consumers as soon as 2011.

Here’s how Fox News reports it:

General Motors is currently the best-selling foreign automaker in China, and Buick is number one brand overall, part of the reason that the nameplate was saved during a recent round of cuts that included the elimination of Pontiac. As an example of the growing influence of that marketplace on the company, the interior of the upcoming replacement for the Buick LaCrosse sedan was designed at a GM studio in Shanghai.

According to the report, GM plans to sell nearly 18,000 Chinese-made vehicles in the US in 2011, with that number rising to over 50,000 by 2014.

The chart above shows exactly what a circle jerk this is.

China buys US government debt. The US government uses that money to bailout General Motors. General Motors manufactures cars in China which it then sells in the United States. Americans buy those cars which gives GM the money to pay back the government which then pays back China.

The end result: The Chinese get the jobs. The Chinese get the money. And the only thing Americans get is the shaft.

Source: Fox News via BluegrassPundit.com