President Obama argued Saturday that he saved Detroit by bailing out the automobile industry.
“Seven years ago, the American auto industry was on the brink of collapse,” Obama said. “Our plan wasn’t popular. Critics said it was a ‘road to socialism’ … But I’d make that bet again any day of the week.”
“The American auto industry is back,” Obama said in his weekly White House address.
“Automakers have added more than 640,000 new jobs. We’ve cut the Detroit-area unemployment rate by more than half,” Obama said. “Seven years ago, auto sales hit a 27-year low. Last year, they hit an all-time high.”
The Detroit auto bailout was proposed by outgoing President George W. Bush, then seen through by President Obama. Republicans in Congress generally opposed both presidents’ efforts. Democrats mostly backed the plan.
Obama has regularly touted the bailout’s success in reviving the industry.
