One Pagers

America's Auto Industry

February 23, 2012 7:49 am ET
Two years after President Obama saved the American automotive industry, Detroit is making a comeback -- but last night Mitt Romney continued to argue that we should have let Detroit's automakers go bankrupt while misleadingly taking credit for the President's successful auto rescue.


Clint Eastwood says it's halftime in America, but if it were up to Mitt Romney, it'd be game over -- and we'd lose.

Connect: American families are struggling, and they're wondering what's next after going through the worst recession since the Great Depression.

Define: Like Clint Eastwood said, it's halftime in America and we're making a comeback. But if it had been up to Mitt Romney, it would be game over and we'd lose.

Explain: When the U.S. auto industry was teetering on the brink, Romney wanted to let Detroit go bankrupt -- laying off over a million Americans, devastating our iconic auto sector, and pushing our economy over the cliff.

Contrast: President Obama made the call and did the deal: his rescue loans for America's automakers saved more than a million jobs -- and now they're back to making profits and hiring workers.

Aspire: This is America -- we've gone through tough times, but we've always stood back up. America's best days are ahead of us and Detroit is showing us the way.

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ATTACK: "Romney wanted to save Detroit through private financing and traditional bankruptcy."

  • The fact is that private financing was virtually impossible at the time and the banks wouldn't do the deal to rescue the automakers.
  • That's why Mitt Romney's call for Detroit to go bankrupt was essentially a death sentence for America's auto sector, devastating millions of families and our economy along with it.
  • If Detroit and the rest of our economy had been up to him, it'd be game over for all of us -- and we'd lose.

ATTACK: "Obama's auto bailout was crony capitalism on a grand scale."

  • Mitt Romney's attacks are an insult to the flagship companies in America's iconic auto industry and the American workers behind the cars that are "Made in America."  
  • Obama's successful turnaround of America's auto industry is how governing is supposed to work: the President made the tough call, struck the deal, and saved more than a million jobs.
  • U.S. automakers are now back to making record profits and hiring workers -- bringing back jobs from overseas and rolling out cars in demand the world over.


  • In 2009, President Obama made the call to extend emergency financing to GM and Chrysler -- and the auto rescue worked.
  • Not only did President Obama prevent the collapse of an iconic and vital sector of America's economy, his successful turnaround of the American automotive industry:
  • Experts said at the time and affirm now that back in 2009, financing for the auto companies through a "managed bankruptcy" was virtually impossible to secure from the private sector.
  • A new poll shows President Obama's successful rescue of the American auto industry is a key reason why he'd win against the GOP presidential candidates in Michigan, where the deal is supported by over 60% of voters.
  • Obama's turnaround of the U.S. auto industry was hugely successful: the U.S. auto industry has added more than 200,000 jobs since the emergency loans, the Midwest is anticipating a jobs boom of 200,000 more jobs by 2015, and 2011 was the best year of industry job growth since 1994.
  • GM, Chrysler, and Ford -- the flagship companies of the U.S. auto industry -- are now profitable for the first time since 2004, and GM is back to being the world's top-selling carmaker, with record profits of $7 billion last year.

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Posted in - Economy - 2012 Elections - Jobs

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