Two years ago, on June 1, 2009, General Motors filed for bankruptcy, backed by $30 billion in support from the federal government. The same day, in the same New York courthouse, a judge approved Chrysler’s plan to forge an alliance with Fiat and emerge from bankruptcy as a restructured business with an uncertain future.
Two years later the American auto industry is mounting a comeback.
Today, the White House released a report that highlights the resurgence of the American auto industry. The report discusses the jobs created in the sector, the turnaround of the companies that are now turning a profit, and how entire communities have been revitalized by a strengthened auto industry.
In the year before GM and Chrysler filed for bankruptcy, the auto industry shed over 400,000 jobs. Had President Obama failed to intervene, conservative estimates suggest that it would have cost at least an additional one million jobs and devastated vast parts of our nation’s industrial heartland. Since GM and Chrysler Group emerged from bankruptcy in June 2009, the auto industry has added 115,000 jobs – the fastest pace of job growth in the auto industry since 1998. (read more)
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