Saturday, May 28, 2011

Weekly Address: American Auto Industry Comeback

In this week’s address, Vice President Biden highlighted the resurgence of the American automobile industry. This week, Chrysler Corporation repaid its U.S. government loans six years ahead of schedule, and GM announced its Detroit Hamtramck plant was taking on three shifts for the first time in its 26-year history. In a visit to a Chrysler dealership in Manchester, NH, the Vice President spoke with the hard-working Americans who have helped rebuild one of America’s great manufacturers.

Just a few days ago, on Tuesday, Chrysler Corporation announced that they were repaying the taxpayers for the loans we gave them when we came into office.

And this announcement came six years ahead of schedule – and just two years after Chrysler Corporation emerged from bankruptcy. You know, and it’s a sign of what’s happening throughout the American automobile industry.

It’s not just Chrysler. Also this week, GM announced that its Detroit Hamtramck factory will run three shifts for the first time its 26-year history. You know, that’s 2,500 more good, paying jobs.

When President Barack Obama and I came into office, we faced an auto industry on the brink of extinction. Total collapse.

At the time, many people thought the Obama should just let GM and Chrysler go under. They didn’t think the automobile industry was essential to America’s future.

Barack Obama disagreed – and, in addition, he wasn’t willing to walk away from the thousands of hardworking UAW members who worked at GM and Chrysler – and in many cases, not only all their lives, but as second and third generation employees. And he certainly wasn’t going to abandon an industry that had meant so much to our economy, and so much to so many for so long.

So, he said if GM and Chrysler, and their management, and all their shareholders were willing to do the difficult work of making themselves more competitive, we would support giving them another chance.

And because of what we did, the auto industry is rising again. Manufacturing is coming back. And our economy is recovering and it’s gaining traction.

Read the full transcript:
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