Study: Auto Bailout Saved 1.5 Million Jobs, Billions In Taxes

President Barack Obama speaks during a World AIDS Day event, Monday, Dec. 2, 2013, in the South Court Auditorium in the Eisenhower Executive Office Building on the White House complex in Washington. (AP Photo/Carolyn Kaster)
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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.”

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