The Ford Motor Company has posted a net income of nearly $1 billion in the third quarter of this year, no thanks to Uncle Sam. Ford was the only Detroit automaker to escape federal bailout money while steering clear of bankruptcy court.
The federal $3 billion “Cash for Clunkers” program promoted by the Obama White House last summer cost an average of $24,000 per additional car sold, according to an analysis by automotive consumer researcher Edmunds.com. The White House has responded with a blistering attack disputing the finding.
According to the White House on October 30, the $787-billion stimulus plan has created or saved about one million jobs, but that number is conveniently unverifiable. There is simply no way to know with certainty how many workers would have lost their jobs without the stimulus. And of course, the admininstration-supplied estimate does not even take into account how many jobs may have been lost because of the stimulus program, ignoring the fact that the "stimulus" money that was used to create jobs in certain government-favored sectors of the economy had to be siphoned out of the economy as a whole, destroying jobs elsewhere.
The U.S. economy grew at a better-than-expected 3.5 percent annualized rate in the third quarter, according to an “advance estimate” released by the Bureau of Economic Analysis (BEA) October 29.