Editing Jimmy Carter (section)

==== Chrysler bailout ====
{{Further information|Chrysler Corporation Loan Guarantee Act of 1979}}
In the late 1970s, the [[Chrysler|Chrysler Cooperation]]—one of the "[[Big Three (automobile manufacturers)|Big Three]]" automakers in the U.S.—faced near-certain bankruptcy as it projected a loss of $1{{spaces}}billion.<ref name="derg55">[https://www.newspapers.com/article/the-kansas-city-times-chrysler-aid-plan/161339133/ Chrysler Aid Plan Signed] {{Webarchive|url=https://web.archive.org/web/20241226111753/https://www.newspapers.com/article/the-kansas-city-times-chrysler-aid-plan/161339133/ |date=December 26, 2024 }}. ''[[The Kansas City Times]]''. January 8, 1980. Retrieved December 22, 2024.</ref> Carter proposed that the company forgo salary increases and bonuses, saying that it might be done "without decimating the company or putting it on its knees", but the company had already frozen wage increases and bonuses months before, to no avail.<ref>[https://www.newspapers.com/article/the-hamilton-spectator-auto-firm-says-sa/161338413/ Auto firm says sacrifices made] {{Webarchive|url=https://web.archive.org/web/20241226103638/https://www.newspapers.com/article/the-hamilton-spectator-auto-firm-says-sa/161338413/ |date=December 26, 2024 }}. ''[[The Hamilton Spectator]]''. August 13, 1979. Retrieved December 22, 2024.</ref> In 1979, Congress began working on a [[bailout]] plan for Chrysler, led by Congressman [[James J. Blanchard]]. Carter assembled a team that included Vice President Mondale and Assistant Domestic Policy Adviser [[David Rubenstein]] to secure a $1.5&nbsp;billion loan guarantee.<ref name="vr55b">Howard, Phoebe Wall (December 31, 2024). [https://www.freep.com/story/money/cars/chrysler/2024/12/31/jimmy-carter-jim-blanchard-chrysler-bailout/77347439007/ Chrysler rescue of 80,000 jobs during Carter administration almost didn't happen] {{Webarchive|url=https://web.archive.org/web/20250101234706/https://www.freep.com/story/money/cars/chrysler/2024/12/31/jimmy-carter-jim-blanchard-chrysler-bailout/77347439007/ |date=January 1, 2025 }}. ''[[Detroit Free Press]]''. Retrieved January 1, 2025.</ref>

In December, Congress passed the [[Chrysler Corporation Loan Guarantee Act of 1979]] to bail Chrysler out with $3.5{{spaces}}billion (equivalent to ${{Inflation|US-GDP|3.5|1980|r=1}}{{spaces}}billion in {{Inflation-year|US-GDP}}) in aid.{{sfn|Kaufman|Kaufman|2006|p=183}} The bill turned over $162&nbsp;million in stock to Chrysler's workers, eliminated around $125&nbsp;million in wage increases, and gave Chrysler $500&nbsp;million in bank loans.<ref name="derg55"/> Carter, who had initially opposed the bailout of corporations,<ref name="vr55b"/> signed it into law in January, saying that the bill saved thousands of jobs.<ref name="derg55"/> The bailout was successful at the time, but Chrysler would eventually file for bankruptcy during the [[2008 financial crisis]].<ref name="vr55b"/>