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Obama campaigns on auto bailouts in two of the FOUR campaign ads released Thursday

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The Obama campaign has been on an ad spree Thursday.

In addition to a new video bashing presumptive GOP presidential nominee Mitt Romney for his stance on same-sex marriage following the end of President Obama's "evolution" on the matter, the reelection campaign has released three additional ads as part of a $25 million swing state buy for May announced earlier in the week. Of these three ads, two focus on the auto industry bailout which has been a bragging point of late from campaign aides while disputing seemingly erroneous claims from Romney this week, taking credit for the auto industry comeback.

The first ad features an Ohio autoworker and young dad named Brian, praising the president for bailing out the auto industry in the time after Brian lost his job. “Obama stuck his neck out for us,” Brian says while driving to work in the morning to his job that the president apparently saved. “I’m driving in this morning because of that, because of him.”

“Succeed,” which the Washington Post reports will be airing in Colorado, Florida, Iowa, Ohio and Virginia, features a sit-down with the president, explaining his decision to "intervene in the auto industry " when the move was not popular.

"But I was convinced it was the right thing to do.”

The third ad "Reverse," airing in Florida and Nevada, focuses on the we can't go back to the policies that got us in this mess in the first place argument often regurgitated from the White House and Chicago, while touting private sector growth under President Obama.

The chart plotting job growth during the Obama presidency isn't new, and many have commented will be difficult for Republicans to challenge. The RNC has responded to CNN regarding the new ads, calling them "a load of you-know-what," pointing to a significant number of job seekers who stopped looking because of their prospects. The RNC added that the auto bailout resulted in "tens of thousands of jobs lost," which they also criticized for "giving large stakes of GM and Chrysler to union allies."

The bickering between major candidates for "credit" of the bailout may be confusing to some.

The Hill notes critics of the auto bailout often repeat that the federal government is unlikely to recover all of its $1.9 billion investment in Chrysler and its investments in GM beyond the initial $6.7 billion loan to the company. Brian Domitrovic writes in Forbes:

By the way, we now know that the bailout of 2008-09 was bigger than first thought (if that’s any surprise). The official expenditure by Treasury’s reckoning was $80 billion. But as theWall Street Journal recently reported, if you throw in the “tax-loss carry-forwards” that pit GM’s huge past losses against future profits, the IRS will be out another $18 billion in taxes never come due. Call it, in total, a cool $100 billion. Treasury still says it’ll get all of that back in due course save $24 billion. We’ll see.

 

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