A statement released today by the White House seemed to take credit for the resurgence of the American auto industry, with President Obama’s bailout plan credited as the driving force behind it.
“When President Obama took office, the American automobile industry was on the brink of collapse,” said the National Economic Council, in a prepared statement. “Two years later, the American auto industry is mounting a comeback.” The statement comes as the 2012 Presidential election looms closer, and the statement went on to claim that 400,000 jobs in 2008 were lost, and the number could have been closer to 1 million if no action was taken.
The report was released on the two year anniversary of General Motors’ bailout. The Big Three domestic automakers have all reported profits in the first quarter of 2011, but taxpayers are still expected to be on the hook for billions of dollars in losses. The United States treasury is expected to write down as much as 20 percent of the bailout as losses.
[Source: Automotive News]