INDIANAPOLIS – With the American auto industry on the verge of collapse and Hoosier jobs on the line, then Congressman Mike Pence adamantly opposed any sort of bailout for Chrysler and General Motors. Pence broke ranks from commonsense Hoosier Democrats who understood what the bankruptcy would mean to Hoosier jobs and the overall state economy.
Fast-forward to present day and the U.S. auto industry is back. More than 17.5 million vehicles were sold in 2015, making last year a new record for the auto industry. But as Hoosiers know now, Mike Pence will do anything to keep his ideology intact – including voting against a bailout that saved an industry, the American middle class, and countless Hoosier jobs.
SHOT: Pence Said it’s a “Profound Mistake” to Bailout the Auto Industry
Pence: “It Would Be A Profound Mistake For The President To Open Up The Financial Services Bailout For Saving The Businesses In Detroit.” “CAVUTO: So, then, what do you think, then — I am sorry. We are in a crunch for time here. But what do you think, then, of the president, who negotiates with the Democratic leadership on what could be a $40 billion rescue; pretty much ignoring what you’re talking about; ignoring what some of your colleagues are talking about. How do you feel about that? PENCE: Well, I think it’s — I think it would be very disappointing, and I think it would be a profound mistake for the president to open up the financial services bailout for saving the businesses in Detroit.” [CEO Wire, 12/15/08]
Pence On Auto Industry Bailout Bill: “I Strongly Opposed The $700 Billion Bailout.” Pence appeared on Larry King Live to discuss the auto industry bailout bill, and said, “Well, Larry, there is no question I was in Indiana much of today, talking with automotive suppliers. We had a long tradition in the automotive business in the Hoosier State. There is a very real crisis. Congress is right to act. The president is right to act. But the American people know we can’t borrow and spend and bail our way back to a healthy automotive industry any more than a healthy economy. I heard a bit of Ben’s comments. And Charlie’s, of course. But, you know, I strongly opposed the $700 billion bailout. Thought it was wrong to take bad decisions on Wall Street and transfer them to Main Street. And I opposed and support the Senate’s decision to oppose this $14 billion that would go to Detroit without creating the circumstances under which those companies could legally reorganize their business plan. And it did nothing to deal with the credit crisis that will be ongoing in 2009.” [Larry King Live, CNN, 12/12/08]
CHASER: U.S. Car Sales Hit Record High in 2015
U.S. car sales hit record high in 2015: “About 17.5 million cars and trucks were sold last year, automakers said Tuesday, overtaking the 17.3 million sales in 2000 and far outpacing the 10.4 million sales in 2009, when taxpayers paid billions to bail out the bedrock of America’s automotive might. […]The record-setting year has squashed recession-era worries that the industry would never recover and given fuel to the Obama administration’s argument that the auto bailout helped carmakers survive.” [Washington Post, 1/5/16]