Tuesday, December 10, 2013

So, where is that apology from auto bailout opponents?

So, the results are in and the federal auto rescue loans of 2008-09 were even more successful than we thought, even if you set aside the bulging sales and profits posted repeatedly by the domestic auto industry.
The final figures show that, after calculating all the unemployment benefits and other government assistance that was avoided, the federal funds provided to General Motors and Chrysler produced a $95 billion net gain for U.S. taxpayers. 

As the Treasury Department sold the last of its GM stock at peak prices on Monday, the Center for Automotive Research released a study that found if the two automakers had failed,
the loss of jobs would have been much worse than what was suggested when Congress was dragging its feet on the bailout – 2.6 million jobs lost in 2009 and 1.5 million lost in 2010. 


CAR projected that the far-reaching ripple effects, with many suppliers going belly up, would have been devastating. Approximately 90 percent of U.S. employees  at Ford, Toyota, Honda, Nissan, Mercedes-Benz and BMW would have been laid off for at least a year.
CAR also concluded that Michigan would still suffer from double-digit unemployment rates in 2013 and 2014.


Have I mentioned lately that those Southern senators who tried to block the bailout owe us, across Michigan and in particular in Macomb County, an apology?

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