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Bond Hears Concerns of Local Workers Fearing Job Loss
Senator: I Will Not Turn My Back on Missouri Workers
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November 24, 2008
RIVERSIDE, MO - U.S. Senator Kit Bond today joined local auto workers in Riverside to hear their concerns about job loss because of the current economic crisis. Bond was joined by auto manufacturers’ suppliers and auto dealers to talk about the need for an auto industry rescue package.
“Right now hundreds of thousands of Missourians and millions of Americans are threatened with losing their jobs,” said Bond. “I am not willing to turn my back on those workers. I am not willing to stand by while America sinks further into recession.”
Bond pointed out that auto jobs form the manufacturing backbone of middle-America. More than 3 million American jobs – and 200,000 Missouri jobs – are related to the auto industry. These jobs include those working on the auto assembly lines, in the auto dealerships, and in companies supplying parts. According to the Center for Automotive Research, the failure of even one U.S. automaker would mean the loss of millions of jobs and cost our economy hundreds of billions of dollars in lost wages, and local and state tax revenues.
This fear of job loss was repeated by Missouri workers at Woodbridge Foam in Riverside, which makes molded urethane foam for automotive seating. Woodbridge currently employs 136 workers in Riverside and another 90 in St. Peters and the company may be forced to make layoffs in coming months. The Senator also heard from auto workers like Steven Healey, who is a worker at the Ford Plant in Kansas City who told Bond he is worried about losing his job and not being able to support his wife and daughter. Bond pointed out that the over 200,000 Missouri workers like Steven Healey and workers at companies like Woodbridge could face job loss disaster if a major automaker went into bankruptcy.
Last week, Bond announced a bipartisan legislative compromise to protect the millions of American jobs at stake. Bond stressed that the bill he coauthored extends emergency bridge loan assistance, but is not a blank check from the federal government. Bond’s compromise includes taxpayer protection, ensuring taxpayers will be repaid for their emergency assistance and will share in the turnaround profits of participating automakers, and executive accountability so failed executives won’t be rewarded. Bond also included tough financial reform measures that require the auto companies to have a plan to ensure long-term competitiveness, health and profitability by bringing their costs under control.
Bond agreed with the many Missourians who dislike the idea of government intervention in the free-market, but stressed that in addition to the suffering of workers and families across the state, our already struggling economy cannot survive the loss of millions of jobs. The Senator emphasized that Congress must act and should pass his bipartisan compromise when Congress returns on December 8th.
“Now I do believe that the idea of the government getting involved in the free market is very troublesome and potentially dangerous to the health of our system, but we have to act in unique times of crisis, now is such a time,” said Bond.
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