Chalk this one up to the category of jobs destroyed by Obama (emphasis mine):
The Obama administration’s push to accelerate General Motors Co. and Chrysler Group LLC dealership closings, aimed at helping the companies compete, may not have been necessary and added to unemployment, a U.S. watchdog said.
The Treasury Department should have considered whether speeding up the closings was worth the potential loss of tens of thousands of jobs, according to a report released yesterday by Neil Barofsky, special inspector general for the Troubled Asset Relief Program.
The U.S. had rejected reorganization plans from the carmakers in March 2009, in part citing a “slow pace” for GM to scale back its dealer network.
Remember, the Obama administration strong-armed GM and Chrysler creditors and bond holders to give up their legal rights which would have attached in a normal Chapter 11 bankruptcy.
Chapter 11 is the method by which many industries have restructured and emerged stronger.
Obama was in such a rush that his efforts — according to his own Treasury Dept. — likely cost tens of thousands of jobs unnecessarily, as dealerships around the country were closed on almost no notice.
Quite a shot by team Obama. With one stone Obama damaged the rule of law in this country and put tens of thousands of people out of work.
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