The Obama administration is busy tooting their horn after the news that General Motors will either keep or add 4,000 jobs in eight states — a part of the company’s $2 billion nationwide investment plan.
Ron Bloom, President Obama’s assistant for manufacturing policy put up a post this week on the White House’s blog, making a connection between the bailout in 2009 and GM’s job announcement.
“..the President made a bold and, at the time, politically unpopular choice: Despite calls from critics to simply let these companies – and the entire American auto industry – crumble, he refused to allow these companies to fail. Had the Administration failed to intervene, conservative estimates suggest that it would have cost at least an additional one million jobs and devastated vast parts of our nation’s industrial heartland,” stated Bloom.
Bloom went to on to say, the administration pushed the companies, the UAW, and shareholders to make concessions.
“Because of this ‘tough love,’ the American auto industry is now positioned to grow and prosper as the economy recovers. Since GM and Chrysler emerged from bankruptcy in June 2009 the auto industry has added 115,000 jobs – the fastest pace of job growth in the auto industry since 1998. Last year, for the first time in 16 years, the Detroit Three actually gained market share compared to their foreign counterparts.”
Source: Detroit Free Press