The Big Lie – GM Bailout And The Non-existant 1.5 Million Jobs

For a political junky such as myself, the conventions mark the end of “spring training” for me.  You watch the teams, the trades, the performance before partisan home teams – all to get ready for the real campaign season.  One of the stand out performances for the Democrats at their convention was the speech given by Bill Clinton.  His myth has been written so large that, combined with his charismatic delivery, the speech has taken some of the wind from the terrific convention held by the Republicans in Tampa.

There are a couple of things wrong with this situation though.  First, Bill Clinton isn’t running for President.  Second, the record of statements and actions of the former President are totally at odds with President Obama’s not-so-lite style of socialism.  And finally, Slick Willie can’t can only lie about the so-called achievements of the current administration – those that they will even talk about, that is.

Here is a break down from Ace of Spades HQ rebutting some of Clinton’s bigger whoppers:

  • “Obama didn’t really take $716 billion from Medicare.  Somehow Clinton made this sound as if Obama put more money into Medicare.  He didn’t.  He cut it.  He did not “use the money to close the donut hole” as Clinton claimed (or, rather, only a part of it is used for that; the rest is for the new clients of ObamaCare).”
  • “Clinton also claimed, baffling, that if Romney puts the $716 billion back into Medicare, that makes the system go broke more quickly.  But, the $716 billion being used to “shore up Medicare” has always been a lie. You cannot spend the same dollar twice.”
  • “Clinton fudged facts to suggest that Obama’s Miracle Economy was just around the corner. It was no accident that Clinton fudged dates to claim that people “didn’t feel” the recovery in 94-95, but then suddenly felt it in 1996. He is trying to convince people who Obama’s own economic miracle is just six or nine short months away. In fact, Clinton inherited a growing economy — the Bush recession ended the quarter before the election — and the economy grew far more strongly in Clinton’s first three years than it has in Obama’s. Something like 4% vs. 2%.”

But, the biggest lie of them all was the 1.5 million jobs saved by the nationalization bailing out of General Motors.  National Review Online delivers a scathing, in-depth analysis.

“Admirers of the GM bailout should bear in mind that it was the Bush administration that first decided to intervene at the firm, offering a bridge loan on the condition that it draw up a deeply revised business plan. President Obama’s unique contribution was effectively to nationalize the company, seeing to it that the federal government violated normal bankruptcy processes and legal precedent to protect the defective element at the heart of GM’s troubles: the financial interests of the UAW. It did this by strong-arming GM’s bondholders into taking haircuts in order to sweeten the pot for the UAW… Bill Clinton bizarrely tried to claim that the bailout has been responsible for the addition of 250,000 jobs to the automobile industry since the nadir of the financial crisis. Auto manufacturers and dealerships have indeed added about 236,000 jobs since then, but almost none are at GM, which has added only about 4,500 workers, a number not even close to offsetting the 63,000 workers that its dealerships had to let go when the terms of the bailout unilaterally shut them down.”

The Romney campaign needs to get out in front of this freight train of falsehoods.  They need to rebut point by point the false allegations and false accomplishments of the Obama administration.  Bill Clinton is a former President and due all the respect a holder of that office deserves.  However, no one gets to vote “present” when it come to the truth.

And if Obama’s apologists want to say that none of this could be forseen, check out Death of a Thousand Car Dealerships.  I wrote it in May of 2009.


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