The Black Liberal Boomer Blog

In 2009, President Barack Obama and the Democrats (and Canada, too-Thanks, eh?) took the brave and bold step to LOAN the U.S. auto companies the money they needed to restructure. The Republicans, on the other hand, wanted the U.S. auto companies to FAIL. Both Mitt
Romney and Tim Pawlenty stated in 2009 that just "writing a check" to GM and Chrysler was "the wrong thing to do" and would hasten the failure of those companies.

Well, thank goodness the Republicans weren't in charge and didn't make that decision. Both GM and Chrysler are paying back their loans in full and with interest, have successfully restructured their companies, and are HIRING THOUSANDS in addition to the TENS OF THOUSANDS of jobs saved or added so far.

Romney and Pawlenty want to be President and say that President Obama doesn't make "the hard decisions necessary" to be our country's leader. Oh really? Ask GM and Chrysler, and while you're at it--ask Osama bin Laden about the "hard decisions" our President has made to SAVE JOBS AND COMPANIES and KEEP US SAFE. GM and Chrysler are adding jobs and investing in new plants and R & D right here in the good ol' U.S.A. and bin Laden is fish food.

Romney and Pawlenty were wrong then, and they're wrong for America now.

Please re-tweet and Like this Video--spread the word far and wide to remind America who the REAL LEADER of America is.

All of the Big Three have either posted billions in profits or are on their way to their first profitable years since the early 2000s. GM and Chrysler are also on track to completing repaying the loans (not free bailouts) they received from the Federal government in 2009 to stay afloat and continue operations. GM issued an IPO several months ago that was hugely successful. Ford continues to be profitable. All three car companies have retained employees, hired more workers, built new plants, and many new exciting and forward-thinking car models are hitting the showrooms.

All of this was made possible by President Barack Obama and the Congressional Democrats, who in 2009, refused to let the auto companies die. It was hard and messy, but the auto companies got the money and the time they needed to re-invent themselves and save the U.S. auto industry.

Meanwhile, the Republicans wanted the American car companies to liquidate, throwing hundreds of thousands out of work (including employees of thousands companies that support the auto industry) and negatively impacting the economies of many U.S. cities and towns.

Even as the bonuses for hard-working everyday American auto workers (and union members) were announced over the past few weeks, many Republicans stated that the workers shouldn't get bonuses while the auto companies still owed money to the government.

Those Republicans didn't say the same as Wall Street employees received millions in bonuses--the same "Wall Street" that caused the recession; the same Wall Street that also has not completed paying back the government.

The Republicans only want the auto workers to forgo their thousands while applauding the millions their financial buddies have received for years. The union workers at the auto companies gave up huge amounts of their negotiated pay to help keep the auto companies going; the Wall Street employees gave up nothing.

On the scale of who is really on the side of the American worker--unionized or not, one only has to look at the record of the Democrats and the Republicans over the past several decades.

Congratulations to the U.S. auto workers on their bonuses. A great new stimulus to the economy!

Jobs and increased income stimulate the economy, not draconian budget cuts or tax cuts for the rich.

Photo Credit: Detroit Free Press

The Detroit Free Press reports today that all three of the U.S. auto companies, after being in serious trouble during the first part of the recession that began in December 2007, are reporting profits, saving and adding hundreds of thousands of jobs, and planning for a brighter, although leaner, future.

According to the article:

On Wednesday, General Motors reported a third-quarter profit of $2 billion, bringing the combined profits of the Detroit Three and publicly traded local suppliers to more than $11 billion so far this year. 

 While challenges remain, some are celebrating the results. "GM's third-quarter earnings ... are, again, proof positive that the federal government's investment in the company has yielded wonderful results," U.S. Rep. John Dingell, a Dearborn Democrat, said in an e-mail to the Free Press. 

Leaders at GM and Chrysler, which is still making progress toward profitability, say they've made changes for long-term success. Thousands of jobs also were saved. Chrysler CEO Sergio Marchionne said workers have a different look on their faces these days: "I sincerely hope that what I see is indicative of how the whole population feels."

Meanwhile, Ford Motor, which restructured without taxpayer aid and has posted a $6.4-billion profit through September, "will be hiring," though prudently, Bill Ford said Wednesday on CNBC.

[Emphasis mine.]

A quick political reminder: at the end of 2008 and into 2009, a certain U.S. political party (The Party of "NO!") wanted all of the U.S. auto companies to fail and cause the loss of hundreds of thousands of jobs in plants, factories, and supplier companies throughout America. It was President Obama and the Democrats who loaned (not bailed out) the auto companies the funds they needed to re-structure and re-build. Most of those loans are already paid back.