Source: Kelly Blue Book
In 2009, the Obama Administration's courageous, unpopular decision to loan money to GM and Chrysler saved an industry, tens of thousands of jobs, and millions of taxpayer dollars. Scroll down for more information.
Auto sales have recovered every year since 2009, and we saw a record year in 2015.
- U.S. Auto Sales (in millions)
Along with auto sales, jobs in the automotive industry have been growing since 2009, as well.
- U.S. Automotive Manufacturing Employment (in thousands)
Source: Bureau of Labor Statistics (Motor Vehicle and Parts Manufacturing, Seasonally Adjusted)
In 2015, the average wage for someone who worked in auto manufacturing was $21.50. These are the kind of good-paying jobs that workers depend on to be able to support a family. They are also the kind of jobs that our economy depends on to keep on growing.
Source: Bureau of Labor Statistics
But what would have happened if the Obama Administration hadn't taken action and had, instead, allowed General Motors and Chrysler to fend for themselves during a time when no bank was willing to give the companies the loans they needed?
$105,300,000,000 in money lost by U.S. government in form of transfer payments and taxes in 2009 & 2010 alone
Source: Center for Automotive Research