First Read reports the following:
A GM success story? The biggest political story that few are talking about right now? GM’s initial public stock offering, which is set for this Thursday. Looks like it's going to be a big success and a case where the government may just make money on this deal. This has the potential of being a very good story for the Obama White House, as well as a success of government intervention. How does Team Obama try to sell it? This could be the White House's next (or last?) best chance to sell their intervention. Where would the unemployment rate be in Michigan, Indiana, Illinois, Wisconsin, and Ohio if GM not gotten major government assistance?
Democrats saved the auto industry and made money for taxpayers over the ideological objections of Republicans. The investment in the auto industry should have been the defining issue in the Rust Belt.
Republicans were not focused on preserving jobs and were willing to end the era of U.S. auto production. Their highest priority was to cling to ideologically pure Hoover-style laissez-faire economic policy.
The success of Democratic policy in this area should have put other Democratic accomplishments over the last two years into perspective. Democrats were acting pragmatically and intelligently to create jobs in the short term and long term, while Republicans offered only blind ideology.
I know that people are upset and angry about high unemployment but, as a Calfornian who was able to celebrate landslide victories in a state with double digit unemployment, it's very difficult for me to understand the result in the Midwest in light of the difference between the parties on saving the auto industry. Can anyone explain?