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Study: General Motors bailout loans spared jobs


The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook
The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook

DETROIT (WKZO) -- The government bailout of General Motors spared 1.2-million jobs in 2009 and preserved more than 39-billion dollars in personal and social insurance tax collections in 2009 and 2010.  That's according to a study released Monday by the Center for Automotive Research

The study says that if there had been no government assistance for GM and Chrysler then, "the whole U.S. economy was operating without a safety net, with the exception of course of the banking system."  Earlier this week, it was announced that the government has now sold its remaining shares of GM stock.

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