Obama gave a speech in Oakland last night (where the unemployment is 13.7%) and said the following,
“We tried our plan — and it worked.”
“We tried that and it didn’t work,” Obama said of Mitt Romney’s proposed tax cuts and spending cuts, which he dismissed as a Bush-style “top down” economic policy. “Just like we’ve tried their plan, we tried our plan — and it worked,” he added later in the speech. “That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.”
It worked? The economy is in free fall and he’s proud of his accomplishments after almost four years.
…To prove that his economic plans have “worked,” Obama cited the auto industry bailouts. “I refused to turn my back on a great industry and American workers,” he said. “Three years later, the American auto industry has come roaring back.”
Obama’s auto bailouts aren’t the unalloyed success he describes. “President Obama’s auto task force pressed General Motors and Chrysler to close scores of dealerships without adequately considering the jobs that would be lost or having a firm idea of the cost savings that would be achieved, an audit of the process has concluded,” The New York Times reported in 2010, based on an audit. “The report … estimated that tens of thousands of jobs were lost as a result.”
The Washington Examiner’s Conn Carroll also observes that Obama bailed out union pensions, while neglecting non-union workers, and decided not to follow the law by paying certain creditors — and still didn’t save money.
“All told Obama’s violations of bankruptcy law made the bailout of GM and Chrysler $26.5 billion more expensive than it had to be,” Carroll explained recently. “And according to Obama’s own Treasury Department, taxpayers stand to lose $23 billion if GM stock were sold today.”…
Obama has spent $100 million demonizing Romney’s record at Bain Capitol, but that really hasn’t worked if Gallup is to be believed. Romney’s business experience edges out Obama’s likeability and (oddly) trustworthiness.