We all know how the Obama administration likes to portray the auto bailout: A generous infusion of money enabled the government to save General Motors and Chrysler. Jobs that otherwise would have disappeared were rescued by this taxpayer-funded largesse. It was expensive, but we had no choice.
The reality is far less uplifting: Administration officials could have ensured that the bailout didn’t cost you and me a dime. All they had to do was require the United Auto Workers to accept standard bankruptcy concessions. Instead, the UAW got special treatment.