The U.S. government’s decision to bailout the auto industry in 2009 in the midst of the Great Recession saved 1.5 million jobs and and $105.3 billion in personal and social insurance tax collections, according to a study conducted by the Center for Automotive Research (CAR) in Ann Arbor, Mich.
“Two consecutive executive administrations in Washington decided in late 2008 and early 2009 that the consequences of the potential losses and outcomes to the U.S. economy … were worth avoiding through a federal intervention,” said Sean McAlinden, the center’s chief economist, according to NBC News. “This peacetime intervention in the private sector by the U.S. government will be viewed as one of the most successful interventions in U.S. economic history.”
Igor Bobic is the assistant editor of Talking Points Memo, helping oversee the site’s coverage of politics and policy in Washington. While originally from Bosnia and Herzegovina, Igor feels best at home on the beaches of Southern California. He can be reached at email@example.com.