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Should the Automotive Industry in Detroit Die?

In: Auto|Editorial|Finances|Rants|World Events

19 Nov 2008

Should Detroit Die? The Automotive industry in the US is very important... VERY important.

With stories like the closing GM factory in Dayton, Ohio basically spelling doom for that city in a state that’s seen more than it’s share of lost jobs these last 8 years causes concern about the people involved; however stories like Mitt Romney telling the New York Times “Let Detroit go bankrupt…” might get a person angry at the CEO’s for letting the situation get that bad in Detroit. There’s always two sides to a story.

And GM wants to share the facts and myths about how things have gotten to this level and how America would truly suffer if the “Big Three” were to go down tomorrow.

One out of every 10 people in America is employed in a service that is related to the U.S. auto industry.
More than 239,000 Americans are directly employed by the Big Three.
If GM were to discontinue operations, the cost to local, state, and federal governments could reach $156.4 billion over three years in lost taxes, and unemployment and health care assistance.

Read more about the Myths and Facts about this looming auto crisis.

And always remember… Chrysler and Lee Iaccoca got federal assistance once; however he paid his loan back in record time. So this isn’t something that’s never happened before.

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