The Engine of Democracy Coalition Praises Bush Decision To Provide Auto Bridge Loans

The Engine Of Democracy, a coalition of organizations representing more than 6 million jobs related to the American automotive industry, applauds the Bush Administration for its decision to provide $17.4 billion in loans to General Motors and Chrysler to provide a bridge across the global economic crisis and to provide continuation of jobs for millions of Americans.
The auto industry is a major part of the economic fabric of the United States. Almost 4 percent of U.S. gross domestic product is auto-related and represents 10 percent of U.S. industrial production by value. Ford, GM and Chrysler account for 60 percent of U.S. production and support more than 6 million jobs across all 50 states and the District of Columbia.

“This loan gives all those working in the auto industry – line workers, parts suppliers, dealership mechanics, dealers – hope that they will continue to be able to earn a living for their families,” said Carl Galeana, an automobile dealer in several states and a coalition organizer. “This loan, while it gives the automakers time to restructure, is really about addressing the needs of Main Street and the ability to help the auto industry move our nation’s economy forward.”
According to Driving the Future: The New American Auto Industry by The Automotive Trade Policy Council, the U.S. auto industry invests $10 billion in this country in plants and equipment each year. In addition, the U.S.-based auto industry is second only to the semiconductor industry in R&D spending – $12 billion last year alone, the study said.

“The supplier community plays a pivotal role in automotive research and development, much of which is to continue to develop fuel-efficient vehicles the American public and the world demands,” said Neil DeKoker of the 400-member Original Equipment Suppliers Association. “The loan will allow that research to continue and help make the U.S. a leader in alternative and renewable energy development.”
“We certainly agree that the President has made a monumental decision to support an industry that is vital to America’s future,” said Tim Leuliette, president and CEO of DURA Automotive Systems and a co-founder of the Engine of Democracy. “This relief establishes a foundation of security for the millions of Americans who’s very livelihood is driven by the success of American automobile manufacturing. Providing this immediate injection to liquidity was essential to avoiding a further collapse of an industry that continues to weather a global economic crisis.”

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