As President Barack Obama campaigns in Rustbelt states like Michigan and Ohio, he always makes sure to remind those fortunate enough to still be employed in the auto industry that his auto bailout saved their jobs. Forgetting for a moment the canard that the auto-bailout was a success (taxpayers lost $14 billion on the deal), the real problem is that Obama’s policies are actually going to cost jobs in the auto industry. From the National Review Online:
“The Detroit News‘s dogged David Shepardson has unearthed a study by one of world’s most respected automotive research firms that reveals that President Obama’s radical CAFE mandate that vehicles average — average! — 62 MPG by 2025 “could force vehicle prices up by nearly $10,000, reduce sales by 5.5 million vehicles annually, and eliminate more than 260,000 jobs.”
With policies like that and a economy that is showing no signs of getting better, it no surprise that President Obama’s job approval on the economy continues to get worse.
Any way you cut it, Barack Obama is facing serious challenges to getting re-elected, as only one President since FDR has been reelected with an unemployment rate over 6%. You can bet that this is not going to help boost his prospects.