With a policy agenda that has caused economic stagnation and massive job losses in the industrial Midwest, President Obama has made the auto bailout the centerpiece of his argument for re-election. He claims that it rescued the industry from collapse and saved a million jobs or more.
There’s one problem: That story isn’t true. If anything, the Obama auto bailout left Chrysler and GM in worse shape than they would have been otherwise, while funneling over $25 billion in taxpayer dollars to the United Autoworkers labor union.
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