“What we found is one of the most misleading collections of assertions we have seen in a short presidential speech. Virtually every claim by the president regarding the auto industry needs an asterisk, just like the fine print in that too-good-to-be-true car loan.” -Washington Post

By Glenn Kessler at The Washington Post

EXCERPTS:

According to the White House, Obama is counting only the $8.5 billion loan that he made to Chrysler, not the $4 billion that President George W. Bush extended in his last month in office. However, Obama was not a disinterested observer at the time. According to The Washington Post article on the Bush loan, the incoming president called Bush’s action a “necessary step .?.?. to help avoid a collapse of our auto industry that would have had devastating consequences for our economy and our workers.”

Through this sleight-of-hand accounting, the White House can conveniently ignore Bush’s loan, but even the Treasury Department admits that U.S. taxpayers will not recoup about $1.3 billion of the entire $12.5 billion investment when all is said and done.

The Pinocchio Test

The president is straining too hard. If the auto industry bailout is really a success, there should be no need to resort to trumped-up rhetoric and phony accounting to make your case. Let the facts speak for themselves.

Three Pinocchios

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