Once upon a time, General Motors — making Chevrolets, Pontiacs, Oldsmobiles, Buicks and Cadillacs — was our country’s biggest company. It generated economic activity from suppliers, hired thousands of people, and was “good for the country.”
But GM unjustly got “bad press” in 1952, when GM chief “Engine Charlie” Wilson was nominated to become President Dwight D. Eisenhower’s secretary of defense. In a congressional hearing, when GM was at its peak of success, Mr. Wilson said, “… I thought what was good for our country was good for General Motors and vice versa.”
He was right. Our country and GM thrived mutually. But critics twisted Mr. Wilson’s quote to deride him, to make it appear he put GM first.
Sadly, GM has fallen on difficulties in recent years. GM unfortunately has borrowed “government money,” money lent because GM was so important to so many that it was said to be “too big to fail.” GM got $52 billion in U.S. and $9.5 billion in Canadian government loans. Now GM has announced it is repaying $8.1 billion — five years ahead of schedule.
Sadly, GM is still losing money. But it’s true: What’s good for our country and GM — and what’s good for GM and our country — in either order, is good for us all.