This chart says it all. The notion that our debt is simply a “spending problem” as claimed by Republicans is ridiculous.
Chrysler announced today that it is repaying $7.5 billion to the U.S. government years ahead of schedule. Meanwhile, GM has announced it will hire thousands of new workers in the U.S. after a successful IPO.
The bailout of the U.S. auto industry in 2009 by the Obama administration was very unpopular, but it will go down as one of the shrewdest decisions of President Obama. Letting GM and Chrysler go through a bankruptcy liquidation would have killed thousands of jobs and possibly turned the recession into a depression. Thousands of auto suppliers would have been insolvent immediately, thus creating even more job losses.
Most on the right, including presidential candidates Tim Pawlenty and Mitt Romney, opposed bailing out the auto companies. Mitt Romney even penned an op-ed arguing that we should let Detroit go bankrupt. They look like fools now, and the Democrats just released a preview of how this issue will be highlighted in the 2012 campaign, particularly in the Midwest.
Big news!! What a shocker!!
Naturally, many people thought this was baked into the cake from the beginning. Donald Trump is a publicity whore. We all knew that. What we didn’t know was how stupid he could sound when he opened his mouth about topics other than real estate, reality TV or beauty pageants.
He completely embarrassed himself, probably doing great damage to his brand along the way. He also did some damage to the Republican Party, showing how gullible many GOP voters can be when it comes to topics like the birther issue. We saw how a carnival barker could shoot up in the polls just by running his mouth, and the rest of the field came across as very weak in the process.
Fortunately, Trump was humiliated by President Obama before he made his inevitable announcement that he wasn’t running. Even prospective GOP voters finally saw through his bullshit as his poll numbers plummeted after Obama released his long-form birth certificate and then had Osama bin Laden killed.
Good riddance . . .
Mike Huckabee didn’t surprise anyone with his announcement tonight that he wasn’t going to run for president. But he tortured the few people who cared about his announcement and the political reporters who had to watch by waiting until the end of his show to make the announcement. Maybe he’s taking cues from Donald Trump.
Before the announcement, Huckabee had washed-up rocker Ted Nugent plat “Cat Scratch Fever” in front of the lamest audience I’ve ever seen. It looked like they cleared out the nearest nursing home and dragged the poor folks in the listen to old Ted. It didn’t sound that bad, and Huckabee seemed to do fine on the base, but watching Nugent play in front of this audience was just pathetic.
Enjoy the weekend: