George Will hits a home run with his latest column. He writes about GM and its new Volt car. He points out that the government (we, the people) so far has lent GM over $50 billion, but GM CEO Ed Whitaker says in expensive ads on television and in a Wall Street Journal column that "we have repaid our government loan, in full, with interest, five years ahead of the original schedule." That refers to a TARP-funded $6.7 billion escrow account, with no mention of almost $50 billion in other loans.
Then, there is the ludicrous Chevy Volt, charged by coal and gas-fired power plants to give the driver 40 miles before the gas engine kicks in, or, when the car is moving 70 mph. The federal government will give tax credits of $7,500 to every purchaser, but it will not be available in 44 states, for which George Will expresses gratitude on behalf of us taxpayers.
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