WASHINGTON, D.C. (MCT) — President Barack Obama delivered a rousing speech Tuesday to UAW members, reminding them — and perhaps Michigan voters — of the $80 billion rescue of General Motors and Chrysler that may have saved the industry.
“I placed my bet on American workers,” he said in an advance copy of his speech. “I know our bet was a good one because I’ve seen the payoff first hand.”
The timing of the speech was notable: As the UAW held its national community action program conference in Washington, Michigan voters were headed to the polls to help decide which Republican candidate will face Obama, the Democrat, in the fall.
Obama, without mentioning anyone by name, noted Republican candidate Mitt Romney’s column in the New York Times in November 2008 headlined “Let Detroit Go Bankrupt.”
Obama pointedly said that while some — including Romney — suggested private financing and a managed bankruptcy could have saved the companies, there was no such financing available and everyone knows it.
As to Republican claims that the Democrat-friendly UAW was saved from deep cuts (unlike bondholders), Obama simply rejected that argument.
While Romney has taken much of the brunt of the criticism for opposing the rescue of GM and Chrysler, all of the Republican candidates were opposed. Even Rick Santorum, Romney’s chief rival in Michigan, has been asking Democrats to cross party lines and vote for him because of Romney’s bailout positions — without explaining that he, Santorum, was against the bailout as well.
