Economy

INFOGRAPHIC: Why We Should Be Glad We Didn’t ‘Let Detroit Go Bankrupt’

“If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye,” said Mitt Romney in his 2008 op-ed for the New York Times that was entitled “Let Detroit Go Bankrupt.” Of course, General Motors and Chrysler were rescued by the federal government, and as a result, the US auto industry is surging just a few years later.

General Motors recorded its highest ever profit in 2011 and regained the title of world’s largest automaker from Toyota, while Chrysler returned to profitability for the first time in more than a decade.

Amazingly, just last week Romney defended his demonstrably false statements about the auto rescue, and claimed that it was “crony capitalism on a grand scale.” “The president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better,” Romney said.

But take a look at how the government’s intervention in the auto industry has saved Detroit from the brink of collapse:

(Click the image below for full-screen version.)