Michigan state now has huge budget SURPLUS thanks to Obama's auto bailout

  • KissTheSky

    Posts: 1980

    Feb 17, 2012 3:58 AM GMT
    Remember, Romney and the Republicans wanted to let America's auto industry die, killing off thousands of American jobs / tax revenue with it.
    Thankfully, the Democrats defeated their efforts to kill one of our country's biggest industries -- although Romney recently wrote an editorial saying he would do the same thing today. And he wonders why he's losing in Michigan? icon_rolleyes.gif

    From Americablog/ABC news:

    Raise your hand if you think Romney now regrets his bashing of the auto bailout. The Wall Street bailout was all about continuing the lifestyle of the 1% but the Big Auto bailout was about rescuing a state and the 99%. It may have been expensive, but people have jobs, which means tax dollars. Why are the GOP presidential candidates so offended by the middle class having jobs? ABC News:
    "Since the depths of the recession, we've seen manufacturing stabilize and start to come back," said Robert Dye, chief economist for Comerica Bank. "What we've seen in the auto industry lately has been good news for the state." In fact, it's been very good news: Tax revenues have jumped so dramatically that Michigan now enjoys a $457 million budget surplus. The auto industry is driving the nascent recovery in Michigan, where manufacturing accounts for more than 20 percent of the state's economy. Indeed, U.S. car sales are revving up at the fastest rate in nearly four years, rising 11 percent in January over a year ago. The state's unemployment rate, while still higher than the national average,has dropped from 12.6 percent, in March 2009, to 9.3 percent in December.

    [url]http://news.yahoo.com/bail-politics-even-michigans-economy-improving-100047912--abc-news.html;_ylt=AskoObcyXq3ifDrqXUlwYXus0NUE;_ylu=X3oDMTNtbmpwc2M3BG1pdANKdW1ib3Ryb24gRlAEcGtnA2NiMWVlMzM2LTYxMzItMzViZC1iOTZjLTlkYzUzZjRlODNmYwRwb3MDMQRzZWMDanVtYm90cm9uBHZlcgMwYzA1MDgyMC01N2UxLTExZTEtYmZiZC05MTQwNjlhNTQ0N2E-;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3[/url]
  • Posted by a hidden member.
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    Feb 17, 2012 4:12 AM GMT
    Here's one raised hand in agreement that Romney 'fucked' up big time when he went against the Government's bailout of GM, and your right to give GM a huge credit for its part in Michigans economic improvements.

    This will bite Romney in the ass and probably end up giving Santorum another state caucus win. Unless of course Romny's sidekicks under report on Santorums votes like they did with Ron Pauls votes in Maine.
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    Feb 17, 2012 6:06 AM GMT
    Proof positive that the government can solve problems that the free market cannot.
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    Feb 17, 2012 6:10 AM GMT
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    Tax-subsidized union jobs, fat-cat corporate moguls taking their multi-million dollar parachutes and voting themselves raises on the public coin, and GM, MOPAR, and Ford *still* can't build a car that lasts five years without major component failures.

    Thanks, but I'll keep my German and Japanese cars.
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    Feb 17, 2012 6:30 AM GMT
    AlphaTrigger said
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    Tax-subsidized union jobs, fat-cat corporate moguls taking their multi-million dollar parachutes and voting themselves raises on the public coin, and GM, MOPAR, and Ford *still* can't build a car that lasts five years without major component failures.

    Thanks, but I'll keep my German and Japanese cars.





    Your comment is almost entirely fact-free.

    And FYI - the free market solution of letting the US auto industry die would've killed 1.4 MILLION JOBS.

    http://michiganmessenger.com/43953/study-says-auto-bailout-saved-1-4-million-jobs

    If you think that would've been a better solution - then you hold a MINORITY viewpoint.

  • TrentGrad

    Posts: 1541

    Feb 17, 2012 6:33 AM GMT
    I don't know...a $457 million surplus is nice...BUT...it's nice to see Michigan's budget in the black again!
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    Feb 17, 2012 12:59 PM GMT
    TrentGrad saidI don't know...a $457 million surplus is nice...BUT...it's nice to see Michigan's budget in the black again!


    Yes MichAGAIN!! The auto assistance was needed at the time. It was a bet that worked well. Just like Chrysler in 1979. I dont advocate it across the board, obviously. I also believe the economics of the downturn have helped Michigan - have you seen some of the fine houses you can buy in the Detroit area for UNDER $25000? That is also and continues to be a driving factor.
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    Feb 17, 2012 1:25 PM GMT
    AlphaTrigger said
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    Tax-subsidized union jobs, fat-cat corporate moguls taking their multi-million dollar parachutes and voting themselves raises on the public coin, and GM, MOPAR, and Ford *still* can't build a car that lasts five years without major component failures.

    Thanks, but I'll keep my German and Japanese cars.


    Buy American....it benefits us ALL as a country!
  • Posted by a hidden member.
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    Feb 17, 2012 2:01 PM GMT
    I have had my Chrysler for 5 years and no problems whatsoever!
  • Posted by a hidden member.
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    Feb 17, 2012 3:04 PM GMT
    Riddler is NOT going to like this topic. Because....

    http://www.realjock.com/gayforums/2183739/
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    Feb 17, 2012 5:46 PM GMT
    catfish5 said
    AlphaTrigger said
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    Tax-subsidized union jobs, fat-cat corporate moguls taking their multi-million dollar parachutes and voting themselves raises on the public coin, and GM, MOPAR, and Ford *still* can't build a car that lasts five years without major component failures.

    Thanks, but I'll keep my German and Japanese cars.


    Buy American....it benefits us ALL as a country!




    Yup.
    Buy American!
    That's true patriotism.
  • roadbikeRob

    Posts: 14345

    Feb 18, 2012 7:03 PM GMT
    Well at least Michigan has a budget surplus. That is more than I can say for other northern states like Illinois, Ohio, and New York which are all having serious budget problems. Mitt Romney wasn't the only GOP candidate to oppose bailing out GM, Rick Santorum was also opposed to bailing out GM as well.
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    Feb 18, 2012 7:23 PM GMT
    RickRick91 said
    catfish5 said
    AlphaTrigger said
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    Tax-subsidized union jobs, fat-cat corporate moguls taking their multi-million dollar parachutes and voting themselves raises on the public coin, and GM, MOPAR, and Ford *still* can't build a car that lasts five years without major component failures.

    Thanks, but I'll keep my German and Japanese cars.


    Buy American....it benefits us ALL as a country!




    Yup.
    Buy American!
    That's true patriotism.


    As have been almost all of my 61 cars bought new in my lifetime. The only exceptions were a (German Ford) Mercury Capri in 72 and 77 and a Scirocco in 82
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    Feb 18, 2012 7:28 PM GMT
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    In this instance, yes. No question it worked. It could have been done without government intervention, but not at that time as there was NO …. Zero ….. Zelch DIP financing.

    And believe me, I catch a lot of shit from many of my right wing buddies because I so strongly supported this. I also admit that I’m very biased because of the huge number of friends in the industry …… for decades, from top white collar management to blue collar line workers.
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    Feb 18, 2012 7:35 PM GMT
    NJDewd saidI have had my Chrysler for 5 years and no problems whatsoever!


    I haven't had problems with my American iron since the 80s through the mid 90s. After that its been smooth sailing.
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    Feb 19, 2012 3:15 AM GMT
    AlphaTrigger said
    RickRick91 saidProof positive that the government can solve problems that the free market cannot.


    Tax-subsidized union jobs, fat-cat corporate moguls taking their multi-million dollar parachutes and voting themselves raises on the public coin, and GM, MOPAR, and Ford *still* can't build a car that lasts five years without major component failures.

    Thanks, but I'll keep my German and Japanese cars.



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    Now wait a minute there AlphaTrigger !!! How old are you anyway? What you said about the 5 year life of an American made car may have been close to true in a northern state with all its wintertime salt use on the roads back in the 60's, But starting with the 70's American made cars have become more and more reliable and the bodies even last longer in spite of the northern winter salt use on the roads. They still have a good ways to go on increasing mileage on their vehicles but over all they are very good.