General Motors has rebounded dramatically in the two years since it approached the brink of insolvency, and was sustained only by a government bailout of nearly $50 million.

This month, the revived company posted a $2 billion profit for the quarter, and sales among its remaining brands ”“ Chevrolet, Buick, Cadillac and GMC ”“ are up 22 percent for the year. The company is promoting an attractive 2011 lineup, including its much-anticipated electric car, the Chevrolet Volt.

GM’s turnaround is likely to be ratified by investors this week when the company makes a public offering of 365 million common shares. The sale, intended to reduce the government’s 61 percent stake in the company, is expected to bring strong bidding by investors, who see further profits down the road.

It may be years before taxpayers are fully cashed out of GM, but the auto industry bailout has to be considered a major accomplishment of the Obama administration. The government’s intervention reconfigured the bloated company, and was a major factor in the survival of the industry. Last month, autos led the U.S. retail sector, with sales up 5 percent.

The bailout of the auto industry used to be one of the grievances held against the administration by those who believe that the nation is infected with socialism and drowning in debt. “Socialism” is still a rallying cry of tea party politics, but federal acquisition of GM stock can no longer be portrayed as a typical government blunder. Today’s popular vehicles and high stock price are clear evidence that the bailout was worth it.

— Questions? Comments? Contact Managing Editor Nick Cowenhoven at nickc@journaltribune.com.