Obama working to pitch success of auto bailouts to American public

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Filed under: Etc., Government/Legal, Hirings/Firings/Layoffs, Chrysler, GM, Earnings/Financials



You don't have to be a pollster to know that for the most part, the American public remains none too happy about the federal government handing over the people's hard-earned tax dollars to pull General Motors and Chrysler out of the fires of insolvency. Despite the fact that both companies have managed to keep their lights on, doors open and paychecks flowing due to their generous federal loans, Joe Plumber still can't stand the thought of paying the price of the two companies' failures. With midterm elections right around the corner, President Obama is in Detroit to attempt to sway that opinion.

The Commander-in-Chief will speak to crowds at Chrysler's Jefferson North plant about the positive side of loaning close to $85 billion to two of our country's largest automakers, including the fact that in 2010, the Big Three have re-hired a total of 55,000 of the 334,000 workers it sent packing a year prior. That may seem like a fraction of the total, but the President is certain to point out that without the loans, that job loss figure would have been much higher.

And then there's the matter of getting the federal government's money back. President Obama is also focusing on sharing his belief that a large majority of the country's money will be returned once GM and Chrysler go public once again.

Interested in keeping tabs on Obama's visit to Motown? The Detroit Free Press has a liveblog that you can follow along with (including live audio) by clicking here.

[Sources: Bloomberg, Detroit Free Press | Image: Jim Watson/AFP/Getty]Obama working to pitch success of auto bailouts to American public originally appeared on Autoblog on Fri, 30 Jul 2010 13:29:00 EST. Please see our terms for use of feeds.



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