Trump "Saves" 1,000 Jobs at Carrier AC; Needs 1,499,000 More to Reach Obama Success
Donald Trump and Mike Pence will be touting what a great success it is that Trump "saved" 1,000 jobs at the Carrier Air Conditioner plant in Indiana. First off, 2,100 people lost their jobs, so what's up with the other 1,100? First indications are that huge tax breaks were given from the State of Indiana (thanks, Mike Pence) for this PR move.
A little reminder for my Trump loving friends. In 2009, one of the first acts by President Obama was saving the United States auto industry, and with it, 1,500,000 jobs. If everyone remembers correctly, the Republican Party and the Conservative talk show hosts vilified Barak for this "bail out". Actually, it was a loan, which has been paid back to the taxpayers, with interest.
I am happy for the 1,000 people who appear to be saving their jobs. But let's wait and see what the details are before we act as though Donald Trump is the next coming of Samuel Gompers.
<snip>Auto bailout saved 1.5 million U.S. jobs -study
Dec 9 The federal bailout of General Motors Co, Chrysler and parts suppliers in 2009 saved 1.5 million U.S. jobs and preserved $105.3 billion in personal and social insurance tax collections, according to a study released on Monday.
The Bush and Obama administrations loaned the auto industry, including GM and Chrysler, which is now controlled by Italy's Fiat, $80 billion to avoid the collapse of the industry that they felt would result in the loss of millions of U.S. jobs.
Critics of the bailout at the time had argued the companies should be allowed to fail and the industry that resulted from the aftermath would be stronger. Treasury officials have repeatedly said the bailout was not an investment meant to turn a profit, but a move to save U.S. jobs.
The Center for Automotive Research (CAR) in Ann Arbor, Michigan, estimated in its study that the bailout saved a lot of jobs, even crediting for a rebound of the industry in 2010 after the initial fallout <snip>
Link to Auto Study article:
http://www.reuters.com/article/autos-bailout-study-idUSL1N0JO0XU20131209
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