Obama: GM’s survival was necessary for the U.S. economy

During his visit to General Motors Company’s Lordstown Assembly plant yesterday, President Barack Obama told about 2,200 workers that GM’s survival was essential to the U.S. economy.

“I didn’t run for President to manage auto companies. It wasn’t something on my to-do list,” Obama said. “But in the midst of a deep recession and financial crisis, the collapse of the auto industry would have caused enormous damage to our economy. So we intervened for one simple and compelling reason: your survival and the success of our economy depended on it.”

He went on to defend the $50 billion investment his administration made in GM.

“Our belief was that if GM retooled and reinvented itself for the 21st century, it would be good for American workers, good for American manufacturing, and good for America’s economy,” Obama said. “I’m pleased to report that’s exactly what’s begun to happen at this plant and at others.”

He said that he wouldn’t stop working until all Americans could find a job. “As long as you’ve still got an ounce of fight left in you, I’ll have a ton of fight left in me,” Obama said.

– By: Stephen Calogera

Source: Detroit News