The American auto industry has a real problem: it’s doing so well, it’s struggling to make enough cars…
There is, of course, a political angle to all of this. It was, after all, just two weeks ago that Mitt Romney boasted, “I’ll take a lot of credit for the fact that this industry’s come back.”
It’s credit he doesn’t deserve, but President Obama does.
Just to recap, Romney has said, publicly and repeatedly, that he opposed Obama’s industry rescue plan — the one he now wants credit for. The former governor has said repeatedly that GM and Chrysler should rely on private funding to restructure and get back on their feet.
Of course, in early 2009, the credit markets were frozen and there was no private funding available. (When a company called Bain Capital was approached, it refused to invest.) How does Romney reconcile his demands with reality? For the last three years, he hasn’t even tried to explain the contradiction. In fact, he’d prefer if we just overlook the details altogether.