GM sells 79 percent more autos … to the government!
General Motors, apparently a wholly owned subsidiary of the Obama Re-election Campaign, announced some mighty welcome news -- "auto sales rose 16% in June as every brand posted a double-digit rise in sales."
Good, right?
After the company made the announcement and the Obama campaign basked in the "aren't we good businessmen" glory, more detail came out.
Mark Modica of the National Legal and Policy Center reports that one of the reasons for the increase is "government purchases of GM vehicles rose a whopping 79% in June."
GM immediately protested Modica's analysis of the June sales, saying that "June sales were still below 5% of total sales" and that the majority of government sales were to state and local governments as opposed to the federal government.
Whether GM protests too much remains to be seen. But we do know that somehow that little stat about government sales jumping 79 percent in June somehow missed prominent mention.
The point, of course, to all this is nobody knows less about economics than the Obama White House. And, the inhabitants there are not above spinning the sales of GM to make their candidate look better.
My advice: Take anything the Obama crew says about GM or the economy with a grain of salt.
