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50 billion dollars:
Lets put that in perspective, take 50,000 people whose net worth is exactly 1 million dollars each.
Confiscate 100% of their net worth.
Give it to GM. Yes we gave them the money if they do not pay it back.
How long and how many cars does GM have to sell at $1000 profit per car to pay the bill, not including any interest.
That's 50 million cars if my math is still good.
Now lets add interest and consider how many cars they will sell per year.
Current US sales total about 13 million a year.
Not sure of GM's share but lets guess at 25% or 3.33 million a year.
That's 15 years to pay back only the principle.
Add interest at 5% per year.
Assume they pay it off on time, roughly 15 years at 2.5% of 50 billion.
That's 37.5% of the original 50 billion or about another 3/8 ths of the 50 million cars in addition to the first 50 million cars. Works out to another close to 20 million additional cars.
That's another 1.33 million cars a year, on top of the 3.33 million for a total of 4.66 million a year.
So GM needs to sell something like 70 million cars in the next 15 years to pay off their debt.
We the people are holding the note, not the govt.
300,000,000 million people spend 50,000,000,000 dollars.
That's $165 per person out of our pockets, $230 with the interest. I had no choice but to give that money to GM.
But only 1/3 of the citizens actually file a tax return and less than 40% of those actually pay taxes.
Now the $165 is 3 times that much or $550. Divide that by .4 and you have $1375 per actual taxpayer.
I sure hope they do pay it back, since I am a taxpayer I really do not like the idea of my hard earned money being given to GM.
Where was GM to help me when I worked my arse off for a year for less than $2000 dollars in 1988, when I was living in an unheated building that did not even have hot water or a place to take a shower.
regards
Mech
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