WASHINGTON, DC –Congresswoman Candice Miller, MI-10, released the following statement Wednesday after her testimony before the House Financial Services Committee’s hearing:

“Critics have said that our domestic auto industry is a “dinosaur” that is too fat to survive. Over the last number of years America’s domestic auto manufacturers have made the tough decisions to make their operations leaner and more competitive. It has cut to the bone and dealt with crisis after crisis to return to profitability, despite new government regulatory mandates and an economic meltdown brought about by the mistakes of Wall Street. Today all we are asking for is that support be given to our Automakers in the form of a bridge loan to support our domestic manufacturing base.

Experts have stated that if we allow the auto industry to fail, as many as three million jobs could be lost in the first year. The loss of our automakers would cost Americans dearly. If retiree pensions are dumped on the Pension Benefit Guarantee Corporation the cost to the taxpayer would be far greater than the amount sought as a bridge loan and retirees would have their pensions slashed. Unemployment benefit costs to the federal government would skyrocket. Health care costs would be borne by federal taxpayers instead of the workers and companies. Millions of Americas who now pay federal taxes would be out of work at an additional cost to our national treasury. For those who oppose these loans because of their desire to protect the taxpayer, at the end of the day they could be forcing a far larger burden upon our tax payers than the $25 billion we are asking for today.

The auto industry, and the people who work in it, deserve better than to be called dinosaurs and irrelevant in this economy. During World War II Detroit was known as the Arsenal of Democracy because we had the manufacturing capability to build the weapons that led the world to peace. Historically, it was our auto manufacturers that created the American middle class- not Bear Stearns, AIG, or Lehman Brothers who may have created the upper class. Time after time the auto industry has stepped up to defend our nation and our economy. Now I believe that it is time for this Congress to do the same for our auto makers.”

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