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SEARCHPresident Barack Obama spoke about the automotive industry's recovery from the 2009 recession and the federal government's role providing financial assistance to automakers during a Jan. 20 speech in Detroit.
Screenshot of Obama courtesy of WhiteHouse.gov.
Screenshot of Obama courtesy of WhiteHouse.gov.
President Barack Obama spoke about the automotive industry's recovery from the 2009 recession and the federal government's role providing financial assistance to automakers during a Jan. 20 speech in Detroit.
Obama touted the government's $85 billion bailout of the auto industry in his speech.
The automotive industry has added more than 646,000 jobs since the middle of 2009. Auto production has doubled and sales have reached an all-time high with 17.4 million sold in 2015. Exports of U.S. automotive products have increased 89% since 2009, according to the White House.
"President Obama made the tough call within his first few months in office to place a bet on American workers and American manufacturing — and to place a bet on Detroit — by providing temporary Federal assistance to rescue the American auto industry," according to a White House release. "He also initiated a broader commitment to the City of Detroit."
Obama headed to the North American International Auto Show, where he visited booths such as Fiat Chrysler Automobiles, General Motors, and Ford. In his speech, Obama said a Jeep Cherokee was the first vehicle he purchased at age 32.
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