President Joe Biden on Monday praised what he termed a “historic” agreement reached by autoworkers with automakers that will end a weeks-long strike that had threatened economic growth.
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00:00 I've just spoken with President Fain of the United Auto Workers.
00:04 And let me say a few words about the UAW
00:08 and the big three automakers --
00:10 Ford, General Motors, and Stellantis.
00:13 They have reached a historic agreement
00:16 and a hard-fought faith --
00:19 agreement that was really battled for a while,
00:23 but it was all done in good faith.
00:26 And these record agreements reward auto workers
00:29 who gave up much to keep the industry working
00:32 and going during the financial crisis more than a decade ago.
00:36 These agreements ensure the iconic big three
00:40 can still lead the world in quality and innovation.
00:44 Due to the commitment and solidarity of the UAW workers,
00:48 we'll exercise their right --
00:51 their right to collectively bargain.
00:54 They've won a record contract
00:55 with over a 30 percent increase in wages,
00:59 greater retirement security, and more paid leave.
01:02 And the commitment by the big three
01:05 to create more full-time, middle-class jobs
01:07 and invest tens of billions more dollars in plants and factories
01:12 building automobile's future here in America.
01:15 (Applause.)
01:21 I applaud the UAW and the leaders of automobile companies
01:24 for agreeing that all the workers on strike
01:27 and all those who were walking the picket lines
01:29 on behalf of the UAW brothers and sisters
01:31 can go back to work immediately, even before the vote is taken.
01:34 Ultimately, the final word on this contract
01:37 will be for the UAW memberships themselves
01:40 in the days and coming weeks as they vote.
01:42 But here's what I know and what I shared
01:45 with the United Auto Workers I met in the picket line.
01:48 I've always believed that the middle class built America
01:52 and that unions built the middle class.
01:55 And that's especially the case for the United Auto Workers
01:57 who built the iconic automobile industry.
01:59 For too long, in my view,
02:02 the economy hasn't worked for working people
02:04 and for middle-class folks.
02:06 Because when they do well, by the way, everybody does well.
02:09 It's a critical piece of worker power
02:11 and is showing how collective bargaining works
02:13 by providing workers a seat at the table
02:17 to honor their contributions to their employees --
02:19 their employer's success by securing pay and benefits
02:23 they can raise a family on and retire with dignity and respect.
02:27 It's showing how collective bargaining works for companies,
02:31 how strong relationship between workers and management
02:34 can mean record profits leading to record contracts.
02:37 Folks, look, today's historic agreement
02:40 is yet another piece of good economic news,
02:43 showing something I've always believed -- worker power.
02:47 Worker power is critical to building an economy
02:50 from the middle out and the bottom up.
02:52 and so is economic growth.