Despite the wishes of Mitt Romney to let Detroit Go Bankrupt -- the investments made in the Detroit Automotive Industry, forged by President Obama, have paid off in jobs and in Treasury Revenues.
As Mika Brzezinski noted on the Morning Joe this morning, the President does not get "enough credit" for his initiative here to keep the Automotive Industry alive in America. Which was a rather significant accomplishment:
by Michael Wayland, mlive.com -- Dec 10, 2013
The U.S. Treasury Department on Monday announced the sale of all remaining shares of General Motors Co., leaving the taxpayers to foot the bill for about $10.5 billion of the government’s $49.5 billion that was given to the Detroit-based automaker as part of the 2008-2009 auto bailout.
Officials, including President Barack Obama, touted the $85 billion auto bailout of GM, Chrysler Group LLC and their financial arms as a success that saved millions of jobs and helped drive the U.S. economy out of the Great Recession.
The Obama administration completely exited Chrysler in 2011 after recovering $11.2 billion of its $12.5 billion bailout to the Auburn Hills-based automaker, which is now controlled by Italian automaker Fiat SpA.
The bailout of GM alone, according to CAR’s ''The Effect on the U.S. Economy of the Successful Restructuring of General Motors'' study, saved 1.2 million jobs in 2009 and preserved $39.4 billion in personal and social insurance tax collections in 2009 and 2010.
Now if only we had this same kind of focus and commitment to other American Jobs, quietly going by the wayside.
As the Morning gaggle also noted: the President DID get credit in a way -- by winning Ohio in the last Election. Ohio is another Automotive state like Michigan, and they weren't really buying what Romney was selling then.
What I what to know is, what will be the great industries of the 21st Century in America? What will provide the reservoir of great Middle Class Jobs going forward, like the Auto Industry did in the past? And who in the political realm is leading that effort?
And who is blocking it? That's what I want to know ... and so do millions upon millions of other American Workers, stuck in Idle.