“We are finally starting to see some of these tough decisions that we made … pay off,” said the President.
Meanwhile, the White House Council of Economic Advisers said the stimulus has already generated between 2.7 to 3.7 million jobs by the end of this year.
These words were spoken yesterday at the President’s briefing with reporters on the Initial Public Offering (IPO) of GM stock in which the government sold half its shares in General Motors. This became the largest IPO in American history and established the bridge loan program as a success. A Bloomberg article describing both the taxpayer dollars spent and saved with these loans is a good read.
This success will continue as the turnaround of GM accelerates. The latest evidence is the Chevrolet Volt, which was just named the Motor Trend 2011 Car of the Year. The latest edition of Motor Trend examines this car in depth and compares it to the Toyota Prius on their respective technical merits (no mention of the recalls). Let’s just say one is dominating the comparison.
Just for fun, you can see Alabama Senator Richard Shelby call these bridge loans “the bailout to nowhere”
I am proud of my support for these loans and the jobs they have saved. I do regret that the Auto Task Force did not pursue saving American jobs with the same zest as every other nation in the world that provided funds to preserve their auto industries.
Having been involved in the fight to save the Chrysler Fenton Complex, I hear many things about the reasons for that closure that have no basis in fact. In an upcoming post I will detail why stronger unions and more government protections for workers are the reason Chrysler kept the Windsor, Ontario van plant open. Hint: $300 million and health care costs.