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General Motors Is Alive

By CAP Action War Room on October 9, 2012 at 4:25 pm

"General Motors Is Alive"

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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.

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