Obama-Lies #3 My Auto Bailout Saved Millions of Jobs

Time and again Obama boasts about his auto bailouts of Chrysler and GM. He claims to have saved millions of jobs. He claims GM is now the world’s #1 Auto Producer and doing great. He claims Gov. Romney “just wanted to let them go under”. He claims the American people overwhelmingly approve of his auto bailouts.

Wrong on all counts. Those like Gov. Romney who opposed the government intervening and picking winners and losers were for following time honored LAWS of BANKRUPCY. Under these laws the courts would have appointed capable trustees to settle all claims, renegotiate contracts (including ridiculously damaging contracts with labor unions), and follow bankruptcy rules favoring preferred stock holders. After downsizing the companies would have begun normal operations again.

Under Obama’s takeover he made the rules. The preferred and common shareholders were thrown under the bus, unions were favored and given equity, and the nation’s taxpayers paid the bill. Also, in Chrysler’s case after the government takeover at the taxpayer’s expense, they still declared bankruptcy and THEN SOLD THE COMPANY TO THE ITALIAN AUTO MAKER, FIAT.

GM is only #1 because of the Japanese typhoon and the US Government’s false charges of safety issues at Toyota. With continued government interference clearly GM’s days are numbered as a leader of the auto industry since their MASTERS (Obama’s henchmen) will force them into silly things like uneconomical electric cars that the public doesn’t want.

Obama mentions “jobs saved” and never mentions “layoffs made”. GM agreed to reduce its workforce from 96,000 to 45,000 by 2012.

Regarding public opinion, the following was publishing by pollster Rasmussen this week (note the mention of the public’s acceptance of Obama’s lies regarding paying back the $36 Billion of taxpayer money:

“A plurality of voters nationwide now believes the government bailouts of the automobile industry were good for the country, but they remain less enthusiastic about the financial industry bailouts. The latest Rasmussen Reports national telephone survey shows that 47% of Likely Voters believe the auto industry bailouts were good for America. Forty-three percent (43%) see the government bailouts of automakers General Motors and Chrysler as bad for the country, while another 10% are undecided. By comparison, just 32% believe the bailouts of the financial industry were good for the United States. A majority (52%) still sees those bailouts as generally bad for the country. Another 16% are not sure. Belief that the auto industry bailouts were good for the country is up slightly from 44% from April and is at the highest level measured since they were passed. In April 2009, in the heart of the auto bailout debate, just 26% thought they were a good idea. Many Americans view the bailouts of GM and Chrysler more favorably these days, believing incorrectly that the government made money or broke even on them. Official estimates, however, indicate that the federal government will lose tens of billions of dollars on the auto bailouts alone. When told the government will lose money on the bailouts, 59% of Americans say they were a failure. Meanwhile, sentiments on the financial industry bailouts are little changed from April. The financial bailouts continue to be criticized across the political spectrum and were targeted in last fall's Occupy Wall Street protests. Still, the number who thinks they were a bad idea is down slightly from 59% three years ago.”

This bailout issue is a perfect example of Obama’s lies and distortions. When the public has the truth, their views go against Obama.

I urge you to pass these Obama-Lies to your distribution list and encourage them to do the same between now and November.

Jim