July 30th, 2010
03:11 PM ET
12 years ago

Obama says U.S. auto industry 'growing strong' after bailout


President Obama speaks at a Chrysler plant in Detroit, Michigan on Friday. (PHOTO CREDIT: Getty Images/AFP)

Detroit, Michigan (CNN) - President Barack Obama, speaking at a Chrysler plant here Friday, praised the recovery of the embattled U.S. auto industry and celebrated the tough choices he says made a comeback possible.

"Last year, many thought this industry would keep losing jobs, as it had for the better part of the past decade. Today, U.S. automakers have added more than 55,000 jobs since last June," said Obama.

He said both Chrysler Group LLC and General Motors Corp. have rebounded from the depths of their government-brokered bankruptcies and are back on track to grow.

Obama was scheduled to tour a GM plant later in the day, where he will also likely make the case for why the federal government's investment in the auto industry was a wise move.

In the 12 months before he took office, he said the U.S. auto industry had lost hundreds of thousands of jobs and had seen its sales drop 40 percent.

Obama cited estimates that suggest more than 1 million people would have lost their jobs if Chrysler and GM, two of the three big U.S. automakers, had been allowed to liquidate.

Ford Motor Co. was the only one of the so-called "Big 3" that did not take a government bailout.

"Today, this industry is growing strong. It's creating new jobs. It's manufacturing the fuel-efficient cars and trucks that will carry us toward an energy independent future," said Obama.

Filed under: Auto Bailout • issues • Michigan • President Obama
soundoff (79 Responses)
  1. Dar

    Weeew mamma's hot today, but as usual most of the stated facts on here are only partially correct as are Odumbo's speaches. He didnt mention that the part companies that went bankrupt when the car companies didnt pay them. Now they sit empty while other new owners are opening new shops to make parts needed for GM and Chrysler.
    My car was in the shop for 3 months waiting on a power stearing hose because of this, 3 months.
    Why were these companies not paid too? GM/Chr got theirs.
    Guess they union part shops?
    They are now, surprised? Me too

    July 30, 2010 04:51 pm at 4:51 pm |
  2. Mike

    Hey Barry, Ford is doing great and they turned it around without a government bailout. Explain that? Could it be that left alone private industry and the market actually do work?

    July 30, 2010 04:52 pm at 4:52 pm |
  3. diridi

    true, but Republican idiots, and republican Tea party thugs do not trust. They do not even face facts that Reagan, and Bush took this great nation to "HELL". Fact. Yes, pres. obama is right in this respect. Auto industry needs to produce fuel efficient cars, with solid warranty....Consumer confidence is zero now....so are customer satisfactions....

    July 30, 2010 04:57 pm at 4:57 pm |
  4. B in FL

    All the haters out there really make me laugh. What would have happened if the auto industry wasn't bailed out...how many more people would be unemployed? No, the gov't can't bail all of us out, but they had to do this to stop the bleeding. The auto industry is doing great and this will mean more jobs in the near future. I wish McCain had won the Presidency as I believe the economy would be much worse...then what would all you Obama haters have to say?

    July 30, 2010 04:57 pm at 4:57 pm |
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