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Axis USA WebinarObama Touts Progress in Detroit
WASHINGTON -- The Obama administration touted good financial news from General Motors and Chrysler today as proof that its unpopular strategies for rescuing Detroit's auto industry were worthwhile.
In a new report, the White House said the industry's recovery would lead to a lower-than expected loss on its roughly $85 billion invested in GM, Chrysler, GMAC and Chrysler Financial.
It also said GM's loan repayment announced today would "help accelerate its planning process for an IPO" to offer its shares to the public and give the government a way to sell off its 60.8% stake. "In the low-point of the worst economic crisis since the Great Depression, President Obama made a difficult and unpopular choice to support our economy, the American auto industry and American jobs," the report says, a copy of which was obtained by the Free Press.
"This turnaround wasn’t an accident of history," says Larry Summers, director of the National Economic Council. "It was the result of considered and politically difficult decisions made by President Obama to provide GM and Chrysler – and indeed the auto industry – a lifeline, if they could demonstrate the will to reshape their businesses and chart a path toward long-term viability without ongoing government assistance."
The report also notes that since GM left bankruptcy in July, the U.S. auto industry has added 45,000 jobs, the strongest nine-month period of growth since 2000. That period also included the cash-for-clunkers program, which spurred sales and production and which the White House has also defended as a positive contributor to the economy.
Posted in Property in Detroit
1 responses to 'Obama Touts Progress in Detroit'
I believe so too but I don't think the recovery will be smooth.
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Added 10-May-2010 16:30
It cant be bad news for the environment either, this is a great sign that the US economy is finally improving.