Blog ››› ››› ANDY NEWBOLD
Fox Business News correspondent Charles Gasparino attacked the government's role with General Motors by comparing it to the 2009 stimulus, also known as the American Recovery and Reinvestment Act, which he falsely described as an "utter failure."
During today's edition of Fox News' Fox & Friends, Gasparino suggested that GM wants the government to sell its stocks because the Obama administration is "particularly bad at central planning" and has made GM "not a great company now, no matter what they say." Gasparino continued, "I mean, you've seen what they did with the stimulus package -- complete, utter failure."
History tells a different story about the government-sponsored auto bailouts. Starting in December 2008 and ending in June 2009, the federal government loaned the auto industry $85 billion. Shortly after the money was loaned, the auto industry began its recovery and steadily added more jobs; sales of the Big Three automakers (GM, Ford, and Chrysler) are now, reportedly, "surging." Specifically, General Motors business was up 10 percent this month including all four brands posting higher total and retail sales compared with a year ago. From the September 4 GM sales report:
These sales in turn have resulted in more jobs for American workers. The Toledo Blade reported: