San Francisco (Obama.net)- Two years ago after the terrible economic crash in the United States of America, many automotive companies drastically declined and need highly expensive bailouts from the United States government in order to stay afloat. President Barack Obama came to them in their time of need and worked with the United States Congress to get the proper bailouts for the companies. At the time, many questioned the payouts to the falling organizations, but two years later President Obama is able to tell the citizens of the United States that the bailouts have successful results.
Just weeks ago President Obama was in Holland, Michigan announcing the plans for dozens of new battery and electric car manufacturing plants that would provide Americans with clean energy cars that would be much more cost efficient in the long run.
With his new initiatives, new jobs are being created for the American people via the automotive industry, an industry that many thought was just about dead in the United States. Thanks to the positives coming from the bailouts today, a city like Detroit, which has an unemployment rate of thirty percent, is finally seeing job growth.
One of the companies that Obama bailed out was Chrysler. Obama appeared at both the Chrysler factory as well as the GM factory in Detroit, Michigan on Friday and addressed the workers there. In addition, the President of the United States also test drove the Volt. The Volt is the first car made by Chevrolet that is completely electric.
With the jobs and thus production increase resulting from Obama’s bailouts, Chrysler made a profit of $143 million in 2010’s first quarter, while GM has made a staggering $865 million profit.
After arguably the worst year ever for the car industry in United States history, the work of President Obama is finally bringing better days. Automotive companies are now able to provide more jobs to American’s, as well as boost the economy.
With Obama’s risky move a year and a half ago paying off, one of the biggest industries in American history is once again proving to be highly profitable.