CLEVELAND, Ohio -- Following General Motor's stock offering Thursday, several politicians released statements celebrating the event. The
General Motors' initial public offering today is a testament to the staying power of the American-made automobile. The Obama Administration made a tough and politically unpopular decision to save General Motors from disintegration, and in the process, it helped maintain good-paying manufacturing jobs that are crucial to keeping our economy strong.
There were, of course, naysayers who would have done nothing and watched the economic ruin of hundreds of thousands of Ohio auto workers and their families. More than 440,000 Ohio jobs directly or indirectly rely on the auto industry. The failure of GM and Chrysler would have had disastrous consequences for Ford, Honda, and other automakers.
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