More positive economic news courtesy of Detroit.
DETROIT (AP) - Strong sales in December capped off a great year for U.S. carmakers - especially Chrysler - and 2012 should be even better. [...]
U.S. auto sales rose 10 percent to 12.8 million in 2011. That's up 22 percent from 2009, when the U.S. auto industry and the financial system were in peril.
November and December were the strongest months of the year for U.S. auto sales, and analysts expect the momentum to continue into 2012. Improving employment numbers, low interest rates and building demand to replace older cars should all boost 2012 sales. [...]
GM and others predict that total U.S. auto sales will rise by another 1 million or so in 2012 to a range of 13.5 million to 14 million. That's still far below the peak of around 17 million in 2005, but consistent with a slow and steady economic recovery.
Fortunately, the Obama Administration did not take Mitt Romeny's advice.
IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.
That absolutely will haunt him during this entire election year.