Long after the polls close, voters have to live with the choices our leaders make. When the U.S. auto industry was teetering on the brink, Romney wanted to let Detroit go bankrupt. His so-called "turnaround" for Detroit’s struggling automakers would’ve meant laying off over a million Americans, devastating our iconic auto sector, and pushing our economy over the cliff.
President Obama made the call, did the deal, and saved more than a million jobs — and now Detroit’s automakers are hiring and selling so many cars they’re racing to keep up. Whether or not Mitt Romney succeeds in Michigan today, voters across America won’t forget: he would’ve let Michigan fail.
CLAIM:
"Romney wanted to save Detroit through private financing and traditional bankruptcy."
REALITY:
- The fact is that private financing was virtually impossible at the time and the banks wouldn’t do the deal to rescue the automakers.
- That’s why Mitt Romney’s so-called "turnaround" for Detroit’s struggling automakers would’ve meant laying off over a million Americans, devastating our iconic auto sector, and pushing our economy over the cliff.
- While millions of American autoworkers worried they’d get pink slips, Romney said let Detroit go bankrupt but save the banks.
- That attitude may get you ahead on Wall Street, but not on Main Street and it’s not what Americans want in the White House.
CLAIM:
"Obama’s auto bailout was crony capitalism on a grand scale."
REATILITY:
- Mitt Romney’s attacks are an insult to the flagship companies in America’s iconic auto industry and the American workers behind the cars that are "Made in America."
- Obama’s successful turnaround of America’s auto industry is how governing is supposed to work: the President made the tough call, did the deal, and saved more than a million jobs.
- U.S. automakers are now back to making record profits and hiring workers — bringing back jobs from overseas and rolling out cars in demand the world over.
WHAT YOU NEED TO KNOW
- In 2009, President Obama made the call to extend emergency financing to GM and Chrysler — and the auto rescue worked.
- Not only did President Obama prevent the collapse of an iconic and vital sector of America’s economy, his successful turnaround of the American automotive industry:
- Saved 1.4 million jobs, including a million jobs in 2009 alone.
- Prevented the federal government from incurring a cost of almost $30 billion in 2009 and 2010.
- Kept unemployment from shooting up to 21%.
- Kept $96 billion in the pockets of Americans nationwide.
- Experts said at the time and affirm now that back in 2009, financing for the auto companies through a "managed bankruptcy" was virtually impossible to secure from the private sector.
- A recent poll shows President Obama’s successful rescue of the American auto industry is a key reason why he’d win against the GOP presidential candidates in Michigan, where the deal is supported by over 60% of voters.
- Obama’s turnaround of the U.S. auto industry was hugely successful: the U.S. auto industry has added more than 200,000 jobs since the emergency loans, the Midwest is anticipating a jobs boom of 200,000 more jobs by 2015, and 2011 was the best year of industry job growth since 1994.
- GM, Chrysler, and Ford — the flagship companies of the U.S. auto industry — are now profitable for the first time since 2004, and GM is back to being the world’s top-selling carmaker, with record profits of $7 billion last year.
It’s no surprise that Romney is cleaning up with the richest voters in the GOP primary elections but struggling with regular voters — including blue collar workers and veterans.
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