I just thought I’d point out that when you read newspaper articles and watch television news programs which say that we could lose up to “2.5 million jobs,” if the auto industry goes bust, they’re clearly exaggerating. It would be more correct to say that 2.5 million workers can be affected by such a move, but just how those jobs would be affected remains an open question.
Not that I think 2.5 million jobs being affected is a good thing. But all three big Detroit companies are not going to simultaneously explode. And even if they do, not every company in every town in Michigan or Pennsylvania is a subcontractor for Detroit steel. The waitresses will indubitably have people for whom breakfast must be served. The tips are likely to suck, though.
So at the risk of sounding Pollyanna – clearly, auto makers going bye-bye is a bad thing that we should probably avoid if possible – I just thought that if the television yakkers won’t tell you, it might be helpful for someone to put things in at least some perspective.
Oh, and more perspective: GM big shots decide to give up their leased jets they flew to Washington with to tell Congress they were broke.