We got some very good news out of Detroit this morning: General Motors recorded earnings of $7.6 billion for 2011. That's the automaker's highest profit ever.
It's welcome news for our economy and for the livelihoods of the men, women, and families who depend on a healthy auto industry.
It's also a testament to President Obama's decision to rescue the industry when it was deep in crisis, at a time when lending a hand to Detroit couldn't have been more politically unpopular. When politicians like Mitt Romney were pontificating in the editorial pages about why we should "let Detroit go bankrupt," President Obama took action. He initiated the steps necessary to keep the American automakers afloat while requiring them to change the way they do business, insisting on shared sacrifice among investors, executives, and workers. It worked.
If folks like Romney had had their way, General Motors wouldn't be posting record profits today. General Motors wouldn't be here today.