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Economy

1.1. Barack Obama saved the US auto industry

1.2.1. In fact

* Between 2008 and 2012, GM and Chrysler Group LLC’s soon-to-be bankrupt predecessors and Ford Motor Co. (F), which ultimately survived without a bailout, were seeking U.S. government aid to pay their bills.

1.2.2. Solutions

* FUEL ECONOMY

+ The President made an agreement with auto manufacturers to improve the overall fuel economy of the nation’s passenger auto fleet to 54.5 miles per gallon by 2025—nearly twice the 27.5 miles per gallon standard that was in place when he took office.

+ The Obama administration’s groundbreaking standards for cars and light trucks will save families roughly $8,200 at the pump per vehicle by 2025. The standards will also cut in half vehicles’ greenhouse gas pollution, reducing a major cause of climate change.

* RESCUING THE U.S. AUTO INDUSTRY

+ President Obama made the tough and politically unpopular decision to extend emergency rescue loans to the American auto industry, saving more than 1 million jobs and preventing the loss of over $96 billion in personal income—and the collapse of manufacturing in the Midwest. GM and Chrysler were required to cut labor costs and overhaul their business models in exchange for emergency loans, guaranteeing their accountability to taxpayers—and both repaid their outstanding loans years ahead of schedule.

1.2.3. Results

* Shares Surge

+ GM’s and Ford’s North American operations earned a combined $11.95 billion in pretax profit in September, 2012, pushing their shares to the highest since April.

+ Fiat SpA-controlled Chrysler, which generates almost all of its revenue in North America, reported $4.1 billion in modified earnings before interest, taxes, depreciation and amortization.

* Auto Sales

+ U.S. light-vehicle sales have risen 14 percent in October,2012, and Ford said they are on pace for about 14.5 million in 2012, the best since 2007, the year before Obama...