Obama — “We tried our plan — and it worked.”

25 Jul

Obama made these comments in Oakland, where the unemployment rate was 13.7 percent in May 2012. The national unemployment rate is 8.2 percent — up from 8.1 percent in May — for the second straight month… 40 months over 8%...

To prove that his economic plans have “worked,” Obama cited the auto industry bailouts. “I refused to turn my back on a great industry and American workers,” he said. “Three years later, the American auto industry has come roaring back.”

Obama’s auto bailouts aren’t the unalloyed success he describes. “President Obama’s auto task force pressed General Motors and Chrysler to close scores of dealerships without adequately considering the jobs that would be lost or having a firm idea of the cost savings that would be achieved, an audit of the process has concluded,” The New York Times reported in 2010, based on an audit. “The report … estimated that tens of thousands of jobs were lost as a result.”

“All told Obama’s violations of bankruptcy law made the bailout of GM and Chrysler $26.5 billion more expensive than it had to be,” Carroll explained recently. “And according to Obama’s own Treasury Department, taxpayers stand to lose $23 billion if GM stock were sold today.”

How bad would it be if Obama’s plan had failed.

Washington Examiner, Redstate

 

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