America's Auto Industry
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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ATTACKS AND RESPONSES
- 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.
WHAT YOU NEED TO KNOW
- 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:
- Saved 1.4 million jobs, including a million jobs in 2009 alone.
- Prevented the federal government from incurring a cost of almost $30 billion in 2009 and 2010.
- Kept unemployment from shooting up to 21%.
- Kept $96 billion in the pockets of Americans nationwide.
- 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