Report: Auto bailout saved more than 1.4 million jobs

[Bozita]

Source: Detroit News

Last Updated: November 17. 2010 4:37PM
Report: Auto bailout saved more than 1.4 million jobs
Christine Tierney / The Detroit News


The government's bailout program for General Motors, Chrysler and other automotive firms saved more than 1.4 million jobs, according to a study by the Ann Arbor-based Center for Automotive Research.

Most of the jobs — 1.14 million — were saved in 2009, during the low-point of the industry's severe downturn. But another 314,400 were saved in 2010, the Center said Wednesday.

"The government intervention prevented additional personal income losses totaling $71.9 billion for 2009 and $24.6 billion for 2010," the center said in a statement.

"The net impact to the federal government—in terms of changes in transfer payments, social security receipts and personal income taxes—was $21.6 billion in 2009 and $7 billion in 2010."

Read more: http://www.detnews.com/article/20101117/AUTO01/11170428/Report--Auto-bailout-saved-more-than-1.4-million-jobs

[madrchsod]

1. put my daughter back to work....

[Cirque du So-What]

2. Even if it had been 1.4 gazillion brazillion jobs

there are people who would grouse over it.

[Bozita]

3. From Monday' LBN - "Rattner: Taxpayers' loss from auto bailouts likely to be less than $10B"

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4615636&mesg_id=4615636

Rattner: “I’ve been saying for a while that I thought the government’s exposure in the auto bailout was in the $10 to $20 billion range,” Steven Rattner said today, speaking to the Automotive Press Association. But after the GM IPO, which is currently slated for Thursday, “I think this exposure is in the single digit billion range, and arguably potentially better.”



Many DUers were nonetheless upset by that figure.

[TheWatcher]

4. Lies and Propaganda do cause tension.

[Bozita]

5. So, I just did the math. Each job saved costs the taxpayers less than $7,143

Rattner says the bailout will end up costing less than $10 Billion. The Center for Automotive Research says 1.4 Million jobs were saved.

Sounds to me like those saved jobs will pay for themselves in well under two years, most of them in less than one.

[TheWatcher]

6. If you say so.