The Rescue
- More than 1 million jobs saved, and nearly $97 billion in personal income losses prevented
- Nearly 250,000 jobs added since June 2009—the most growth in a decade
- Industry expects to add 167,000 jobs by 2015
President Obama’s rescue of the auto industry
In 2009, the President decided to extend emergency loans to GM and Chrysler—preventing the collapse of a major American industry:
The Impact
- The auto industry helps support one in five Michigan jobs.
- 1 in 25 American jobs rely on a healthy auto industry
- All Big Three automakers—GM, Chrysler, and Ford—are profitable for the first time in seven years.
The Success
- All outstanding loans have been repaid to the federal government
- GM and Chrysler sold 3.8 million vehicles in the U.S. in 2011—up 14 and 26 percent respectively from 2010
- Automobile sales are at their highest levels in years