The following press statement was issued by Detroit Branch NAACP President Rev. Dr. Wendell Anthony.
DETROIT – On June 1, 2009, President Barack Obama said, “I also recognize the importance of a viable auto industry to the well being of families and communities across our industrial Midwest and across the United States. In the midst of a deep recession and financial crisis the collapse of these companies would have been devastating for countless Americans and done enormous damage to our economy beyond the auto industry. It was also clear that if GM and Chrysler remade and retooled themselves for the 21st century, it would be good for American workers, good for American manufacturing, and good for America’s economy.”
In short, the president indicated, “Our goal is to get GM back on its feet, take a hands-off approach and get out quickly.” As a result, this commitment, following an initial investment of $15 billion dollars and an additional investment of $30 billion dollars in General Motors, an investment that entitled American taxpayers to the ownership of 60% of the new GM. This was done because of the tremendous sacrifices made by American workers and their families across this nation. Well, General Motors today is back on its feet as of August 1, 2019. CNBC indicates the company reported revenues of $36.1 billion. Shares of GM rose more than 7% over that last 12 months and are up more than 21% since the beginning of the year. The original estimation of revenues was $35.98 billion vs. an achieved $36.1 billion. This is an indication of a company that is doing well and is in a position to support, encourage and invest in the workers who have enabled it to achieve these goals.
Click here, The Laborers Are Worthy of Their Hire, to read the press statement in its entirety.