Obama salutes success story of auto industry recovery in weekly address

Just a few years ago, the auto industry wasn't just struggling ' it was flatlining. GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line ' and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry.

But we refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way.

All hail the American auto industry, the focus of this week's success story in this morning's weekly address by President Obama.

Not only was the huge sector saved, but all the ancillary businesses dependent upon and the communities built around it'and all the jobs saved in a cascading effect of rescuing the ailing industry. All this, the president pointed out, was achieved while also fuel standards were raised and trade agreements were put in place to keep American car technology cutting edge and competitive.

So next time you see one of those brand new 2013 models on TV or on the lot, think about how far we've come together. Think about how ' thanks to the hard work and can-do spirit of the American people ' more of those cars and trucks are being manufactured by American workers at American companies in communities all across the country. And they're going to save you more money at the pump.

But there's more to it than just this one industry, the president claimed. The lesson learned through dealing with the industry's economic woes is larger than this one instance:

That's what America is all about. When we get knocked down, we get back up. We come back stronger. And as long as I'm President, that's what we'll keep doing.

Sounds a heck of a lot more positive than the message of gloom and doom Team Romney is trying to sell on the stump.

To read the transcript in full, check below the fold or visit the White House website.