President Barack Obama came into office during the worst economic decline since the Great Depression. Set aside the many other things that he has accomplished after entering office, the auto recovery act is among one of the most important. In 2009, the president decided to extend emergency loans to General Motors and Chrysler-preventing the collapse of a major American industry. More than 1.1 million jobs were saved in 2009, and more than 310,000 jobs were saved in 2010.
Nearly $97 billion in personal income losses were prevented due to this. In the auto industry alone, more than 230,000 jobs were added since June 2009-the most job growth to ever occur within a decade. GM is now back on top as the world's No. 1 automaker. If this recovery wouldn't have taken place, we would've kissed goodbye to the American auto industry. Millions of Americans would have kissed goodbye to their careers as 1 in 25 American jobs rely on a healthy auto industry. And, yes, all outstanding loans have been repaid to the federal government.
Works Cited: U.S. Bureau of Labor Statistics; General Motors