Obama Applauds Bailout ???Success??? at Washington Auto Show (ContributorNetwork)
COMMENTARY | Gracing the Washington Auto Show with his presence Tuesday, President Barack Obama hailed his administration's efforts in reigniting the U.S. auto industry, while at the same time railing against his political adversaries who were "willing to let the industry die." As the U.S. auto manufacturing industry continues to heal, Obama is employing the government bailout of General Motors and Chrysler as a campaigning tool to court the American electorate.
During his surprise visit to Washington's annual 2012 auto show, the President ooh'd and ah'd over several new electric and hybrid vehicles placed on display by Dodge, GM, and Ford. "Let me just say, when you look at all these cars, it is testimony to the outstanding work that's been done by workers -- American workers, American designers," Obama applauded. "The U.S. auto industry is back."
Naturally, for Obama, such praise does not go without criticism, as the President castigated his Republican foes for championing the death of America's auto industry. "It's good to remember the fact that there were some folks who were willing to let this industry die. Because of folks coming together, we are now back in a place where we can compete with any car company in the world," he affirmed. "And these are not only selling here in the United States, they also serve as a platform for us to sell product all around the world."
Both the Bush administration and the Obama administration faced an uncharted roadblock in fall of 2008 and early 2009, as the Big Three automakers lurched on the edge of fiscal collapse. In response, Bush forked out $17.4 billion in government loans, while enforcing government-mandated restructuring plans for GM and Chrysler.
President Obama echoed these efforts with billions of dollars more in taxpayer dollars, requiring concessions from stakeholders and enabling the companies to move forward with swift bankruptcies. White House advisers swayed the public that the federal aid, which totaled about $85 billion, was a critical strategy because absent government assistance GM and Chrysler would have been forced to liquidate.
In effect, the Obama campaign seeks to hawk the so-called "government rescue" of the U.S. auto industry as a victory for jobs and manufacturing, as White House spokespersons interminably tout job growth and economic rebirth. Of course, what the President and his army of staffers neglect to note is that American taxpayers still hold a multibillion-dollar bailout bill - and considering the government's lousy track record in public-to-private sector engineering, taxpayers ought to be very wary.
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