From Addicting Info / Politics HERE. Good site. Check it out.
President Barack Obama will be traveling to Detroit to show off exactly what his policies have done for the auto industry and our economy consequently. He will talk about his reports that the auto industry is seeing record profits once again, the largest since 1999. Not only that, but President Obama will be talking about his new plan to invest 4 billion dollars in natural gas vehicles, along with 400 million in electric vehicles.
So how has the auto industry grown?
- Ford announced a 2.6 billion dollar profit for second quarter, GM with 865 million in its first, and Chrysler with 143 million.
- Exports have increased by 57%, including a significant rise to sales in China.
- Investing has grown as optimism of the future remains in tact.
So how exactly has the auto industry helped our economy?
But what about paying back the taxpayers?
- 9 of 11 GM assembly plants are working through the summer shutdown to meet demands
- GM, Ford and Chrysler's growth is resulting in 5300 new jobs for Americans
- GM repaid their 6.7 billion dollar loan back in April.
- Chrysler paid 1.9 billion back to the treasury that they received from TARP and 1.5 that they received for support.
- The supplier support system was cut, giving back 5 billion dollars to the public.
So, what does this say about the decision this administration made for bailouts?