General Motors IPO Provides Welcome News For U.S. Auto Industry Workers


Note: Having run a small manufacturing company that supplied the Big 3, I knew the potentially devastating short and long term impact allowing GM, Chrysler, and Ford to close would have.

From The Wall Street Journal, “The Center for Automotive Research said today the government’s bailouts of the U.S. auto industry spared more than 1.14 million jobs last year alone, and prevented “additional personal income losses” of nearly $97 billion combined for this year and last.

“Another 314,400 jobs were saved this year thanks to the $80 billion in taxpayer lifelines extended to GM, Chrysler, and the GMAC and Chrysler Financial financing businesses, CAR said. The research organization based its conclusions on the potential impact of auto-industry collapse for jobs at U.S. auto makers and suppliers, and cascading effects on the economy at large.”  For more visit the Center for Automotive Research

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