[StBernard] Mounting losses from the auto bailout program

[Westley Annis]

Dear  Friend,


	

I wanted to bring to your attention an article  by Time Magazine that caused
me great concern and continues to confirm what we  all knew when we were
fighting approval of the Auto Bailout.

	

This month, Time Magazine
(http://www.time.com/time/printout/0,8816,1921134,00.html)  reported that,
"taxpayers face losses on a significant portion of the $81 billion in
government aid provided to the auto industry." And, that "Treasury
Department  officials have acknowledged that most of the $23 billion
provided by the Bush  administration is likely to be lost."

	

$23 Billion!

	

Based on consumer expenditures from the U.S.  Bureau of Labor Statistics for
April 2009, $23 billion could provide every  Louisiana driver on the road
today, which is just more than three million  drivers, with enough gas to
drive for six whole years without ever having to  pay a dime.

	

Or every single Louisiana family could eat for  free for two and a half
years.

	

Or every Louisiana family could live in their  furnished home for free for
exactly one year.

	

That is simply astounding.  We cannot allow  government to continue to
recklessly spend and waste real dollars like this.

	

I led the fight against the auto bailout program  because I had a number of
significant concerns with it.  These numbers  from last week underscore that
point.

	

Rest assured that I will continue to demand more  accountability and
transparency in how our taxpayer dollars are spent, and I  will be an
outspoken advocate for taxpayers and for fighting against these  widening
bailouts.


Sincerely,
David Vitter
U.S.  Senator