“Whew! That was a close one!” we’re supposed to be saying as the Treasury disposes of the balance of its holdings in General Motors, although Treasury — and therefore taxpayers — lost ten and a half billion dollars on the deal:
Without the bailout, the country would have lost more than 1 million jobs, and the economy could have slipped from recession into a depression, Treasury Secretary Jacob Lew said on a conference call with reporters.
Well, if Jacob Lew says the alternative was worse than losing $10.5 billion of taxpayer money, who are we to disagree? Because the effects of hypothesized alternative scenarios are always subject to speculation, officials can justify any policy by declaring that things would have been worse if we had done something different. (Let’s keep this principle of Liberal Logic™ in mind: Next time some hippie peacenik tells you that Bush’s Iraq policy was a failure, just remind him that an imaginary hypothetical alternative — e.g., Saddam Hussein’s army invading Connecticut — would have been much worse.)
Oh, and that blue floodlight out in the yard? It keeps tigers away.