Letís remember how we got here. Long before the recession, jobs and manufacturing began leaving our shores. Technology made businesses more efficient but also made some jobs obsolete. Folks at the top saw their incomes rise like never before, but most hardworking Americans struggled with costs that were growing, paychecks that werenít and personal debt that kept piling up.
In 2008, the house of cards collapsed. We learned that mortgages had been sold to people who couldnít afford or understand them. Banks had made huge bets and bonuses with other peopleís money. Regulators had looked the other way or didnít have the authority to stop the bad behavior.
It was wrong. It was irresponsible. And it plunged our economy into a crisis that put millions out of work, saddled us with more debt, and left innocent, hardworking Americans holding the bag. In the six months before I took office, we lost nearly 4 million jobs. And we lost another 4 million before our policies were in full effect.
Those are the facts. But so are these. In the last 22 months, businesses have created more than 3 million jobs. Last year, they created the most jobs since 2005. American manufacturers are hiring again, creating jobs for the first time since the late 1990s. Together, weíve agreed to cut the deficit by more than $2 trillion. And weíve put in place new rules to hold Wall Street accountable, so a crisis like that never happens again.
The state of our union is getting stronger. And weíve come too far to turn back now. As long as Iím president, I will work with anyone in this chamber to build on this momentum. But I intend to fight obstruction with action, and I will oppose any effort to return to the very same policies that brought on this economic crisis in the first place.
No, we will not go back to an economy weakened by outsourcing, bad debt and phony financial profits. Tonight, I want to speak about how we move forward and lay out a blueprint for an economy thatís built to last ó an economy built on American manufacturing, American energy, skills for American workers and a renewal of American values.
This blueprint begins with American manufacturing.
On the day I took office, our auto industry was on the verge of collapse. Some even said we should let it die. With a million jobs at stake, I refused to let that happen. In exchange for help, we demanded responsibility. We got workers and automakers to settle their differences. We got the industry to retool and restructure. Today, General Motors is back on top as the worldís No. 1 automaker. Chrysler has grown faster in the U.S. than any major car company. Ford is investing billions in U.S. plants and factories. And together, the entire industry added nearly 160,000 jobs.
We bet on American workers. We bet on American ingenuity. And tonight, the American auto industry is back.