President Barack Obama, speaking at auto plants in Detroit, Mich., 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, speaking at a Chrysler plant.
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.
Later in the day, Obama toured and spoke at a GM plant, where he also made the case for why the federal government's investment in the auto industry was a wise move. At times sounding like a candidate on the campaign trial, he is working to build support for his economic policies with just a few months to go until midterm elections in November.
In the 12 months before he took office, Obama said, the U.S. auto industry had lost hundreds of thousands of jobs and had seen its sales drop 40 percent. He cited estimates suggesting 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 "Big 3" automakers that did not take a government bailout.