Remember when Barack Obama pooh-poohed Mitt Romney’s claim that Russia was America’s potential adversary? Well, the plant closings and layoffs announced yesterday by GM show that Romney was right again. He wrote that as a result of the bailout given to GM a decade ago, the company’s failure “will be virtually guaranteed” because it would not be forced to undergo radical restructuring to be competitive in the marketplace. By subsidizing GM’s failing business culture, the federal government would be making a sucker bet with taxpayer dollars and forestalling the inevitable.
The Chevy Volt is one of the models being dropped. Barack Obama promised GM workers that he would drive a Volt when he left office. If he hasn’t bought one yet, he’d better hurry. And if he likes his Volt, he can keep it.