The massive loss of jobs and the disruption to the network of auto parts suppliers did not happen. The shock that might have hit all car makers and the overall economy is not staring lawmakers in the face. Given the tangible reality of today, the view among most analysts is that President Bush kept the carmakers afloat long enough for President Obama to put them on solid footing moving forward.
If that matches the definition of a rescue, then both presidents saved the auto industry. The Principles of the Truth-O-Meter. Stand up for the facts! More Info. I would like to contribute. One Time Monthly Yearly. Did President Obama save the auto industry?
By Jon Greenberg September 6, Read About Our Process. Steven Koonin stated on October 26, an Instagram video:. Bloggers stated on October 24, a blog post:. Heartland Institute stated on October 11, an article from the Heartland Institute:. Viral image stated on September 16, a Facebook post:. Rick Scott stated on October 5, a tweet:.
TikTok posts stated on September 18, a TikTok video:. Says Sens. Common Sense Leadership Fund stated on September 17, an attack ad:. Rick Scott stated on September 23, an op-ed:. Gary Palmer stated on September 13, remarks during a House hearing:.
Bryan Steil stated on October 28, in Twitter:. Facebook posts stated on November 1, in a Facebook post:. Joe Biden stated on November 3, in a news conference. Dennis Prager stated on November 8, in an interview with Newsmax:.
But it would've been inconceivable. Viral image stated on November 6, in a Facebook post:. Bloggers stated on November 7, in a blog post:.
Although Obama admitted it was unlikely that lawmakers would agree on health care "anytime soon," he said that there should be other ways for bipartisan efforts to improve economic security. Even if a hardworking American struggles to hold down a job, he or she should still be able to save for retirement — "that's the way we make the new economy work better for everyone," he said.
Obama recognized House Speaker Paul Ryan's interest in tackling poverty, and he said he'd welcome a "serious discussion" about strategies like expanding tax cuts for low-income workers without kids.
Whether conservatives will take up the president's offer to work together remains to be seen. And I applaud the president for focusing so heavily on poverty," reflected Michael Strain, the deputy director of economic policy studies at the American Enterprise Institute. Read More Opinion: Obama's 'big miss' on manufacturing. Although he expressed his hopes for bipartisan efforts, the president acknowledged that there are areas where agreement is less likely, including the government's role in "making sure the system's not rigged in favor of the wealthiest and biggest corporations.
Obama doubled down on his criticism of corporations and financial firms while also hinting at others' campaign talking points, saying "immigrants aren't the reason wages haven't gone up enough; those decisions are made in the boardrooms that too often put quarterly earnings over long-term returns.
The president said he plans to "lift up" businesses who are "doing right by their workers" over the next year, spreading those practices across the country. Assessing the economic portion of Obama's speech, David Wessel, director at the Brookings Institution's Hutchins Center on Fiscal and Monetary Policy, said the president "raised the right issues.
Andy Green, managing director for economic policy at the Center for American Progress also applauded the president's speech, saying Obama "really captured the mood of the nation when he emphasized how far too many Americans feel that the system is rigged in favor of the wealthiest and large corporations. In the second part of his speech, Obama turned to ways the country can leverage technology and innovation to its benefit.
Recalling the space race, the president noted that the country has in recent years "protected an open Internet," and launched "next-generation manufacturing hubs. Led by Vice President Joe Biden, that initiative will aim to "make America the country that cures cancer once and for all.
Read More While Obama gives speech, Biden unveils cancer mission. And on the subject of future actions against climate change, Obama pitched it as a business opportunity.
Obama used his address to announce the results of the government's investment in clean energy, deeming wind power cheaper than "dirtier, conventional power" in fields from Iowa to Texas, and touting tens of millions of dollars each year in solar savings while that industry now employs more Americans than coal.
Meanwhile, we've cut our imports of foreign oil by nearly sixty percent, and cut carbon pollution more than any other country on Earth," he stated. GM gave them nothing. The inspector general for the Troubled Asset Relief Program is investigating whether the administration pressured GM to give the UAW special treatment, but the IG lacks subpoena power to force officials to testify.
It may take a congressional investigation to establish what happened. The funds diverted to the UAW account for the taxpayers' entire net loss. Avoiding these losses would have been straightforward. If the government treated the UAW in the manner required by bankruptcy law, it could have given the stock and promissory notes to the Treasury instead of to the UAW.
Labor cost savings and not supporting Delphi pensions would have increased the value of the taxpayers' shares of GM, while GM would have needed less financing. None of that money kept factories running. Instead it sustained the above-average compensation of members of an influential union, sparing them from most of the sacrifices typically made in bankruptcy. Such spending does not serve the common good. President Obama did not bail out the auto industry.
He bailed out the United Auto Workers. Each week, we will send you the latest in publications, media, and events featuring Mercatus research and scholars. Skip to main content. Sparking New Thinking Read Discourse magazine Online journal dedicated to promoting and defending classical liberal values with new and innovative thinking. Grants and fellowships for talented individuals with unique ideas for changing the world.
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