U.S. Auto Industry Recovering

Posted: Jun. 6th, 2011  |  By JustLuxe Team

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Chrysler announced that the repayment of $5.1 billion dollars along with $865 million of interest has been repaid to the U.S. Treasury Department. This comes at the same time that Chrysler repaid its debt to the Canadian government-owned Export Development Canada, in the amount of $1.7 billion dollars. This is good news for the recovering auto industry, as it means the 2008-2009 rescue programs from Canada and the U.S. given to the auto maker has been repaid six years early.

In response to the good news, Vice President Joe Biden addressed the auto industry pointing out disproportion of consumer prices and workers wages. Biden stated, "Even for a lot of people with jobs, their wages aren't keeping pace with prices of everything from gas to groceries to health care and college tuition. That's why the president and I remain focused on, not just recovering from this recession. We're focused on making sure that if you work hard, play by the rules, you'll be able to get ahead, put your kids through college, retire with dignity and security."

GM also announced good news with the Hamtramck factory running three shifts once again. This is the first time in 26 years this has happened.