Now We Know: The Bailouts Worked

General Motors has announced its first annual profit since 2004.

GM says it earned $4.7 billion in 2010, compared with a loss of $21 billion the year before. Among the beneficiaries are employees — approximately 45,000 union workers are to receive bonuses of $4,300…

GM is rebounding with the economy. Its profits were made possible by a 2009 bankruptcy and government bailout. The restructuring allowed GM to slash debt, cut employment, reduce health expenses, rewrite union contracts, winnow out surplus factories and trim the cost of building a vehicle by several thousand dollars.

GM is trading in the $34 dollar range; at $50 taxpayers can be reimbursed.

By: Alan

Alan Colmes is the publisher of Liberaland.