General Motors Is Alive

The Rescue of the Auto Industry — By the Numbers

At the height of the financial crisis, some people,  including Mitt Romney, said we should “let Detroit go bankrupt.” And Bain Capital was one of the many private investors that refused to invest in the auto industry when it stood on the brink of collapse.

Fortunately, President Obama saved the U.S. auto industry and now it’s roaring back. For example, just today we learned that General Motors is adding another 2,000 jobs in Michigan. These jobs are coming to Michigan as part of larger effort to insource thousands of jobs at the world’s largest automaker.

And this is just the tip of the iceberg.  Here’s a look at the auto rescue — by the numbers.

  • More than 1 million: Jobs saved by the auto rescue.
  • $85 billion: Total spent by the U.S. government on the auto rescue.
  • $60 billion: Amount the government will likely recover.
  • $7.2 billion: Savings to taxpayers from reduced unemployment, Social Security, and other benefits in 2009 and 2010.
  • $97 billion: Estimated losses in personal incomes prevented by the auto rescue.
  • 26 percent: Remaining stake (of the initial 61 percent stake) held in GM by the government.
  • 0: Number of Chrysler shares currently held by the government.
  • 167,000: Number of jobs the automakers and their suppliers are forecasted to add by 2015.
  • 2.5 million: Number of people employed by the U.S. auto industry today, up from 2.3 million in August 2009.
  • 3.3 million: Cars and light trucks sold by GM and Chrysler in the past 12 months, up from 2.9 million in the previous period.

Figure 1

BOTTOM LINE: Mitt Romney said to “let Detroit go bankrupt,” but we didn’t do that and now the auto industry is helping to fuel the recovery in states across the country, particularly Michigan and Ohio.

Evening Brief: Important Stories That You Might’ve Missed

Leading GOP voter suppression expert says voter IDs laws are “a favor” for poor people.

Big Bird stars in a campaign ad and he greeted Mitt Romney today in Iowa.

Leading Democratic Senator says we “ought to scrap” tax reform that lowers tax rates.

After one Arkansas Republican lawmaker called slavery “a blessing in disguise,” another suggests that Jesus condoned it.

Mitt Romney’s tax plan: defeated by arithmetic. (Again.)

Another fail on foreign policy from Mitt Romney.

Billionaire CEO threatens to fire employees if Obama wins.

Buckle up: Super PAC spending is about to explode.

Australia’s female prime minister delivered a blistering speech on sexism and misogyny.

 

 

 

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Advocacy Team