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Can anyone actually explain why it would be so terrible to let Detroit go bankrupt?

by tom44 on March 30, 2013

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Question by Collie: Can anyone actually explain why it would be so terrible to let Detroit go bankrupt?
I understand many would lose their jobs. But people are losing jobs left and right. Isn’t it going to cost us more to bail these losers out then to just let them go under and deal with the re-building process?

Best answer:

Answer by mattapan26
You make a good point. On the other hand, the automobile industry creates millions of jobs for manufactures of parts, machine tools, steel, rubber, plastic, batteries, radios, etc. The loss of an automobile industry in the United States would have the dual effects of massive job losses and a complete restructuring of our economy. The Democrats do not want to let those things happen.

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5 thoughts on “Can anyone actually explain why it would be so terrible to let Detroit go bankrupt?

  1. METROPOLIS1 says:

    Over 1 million people would lose there jobs if that happened…. The economy could not stand that right now…. This could tip the economy into a serious, serious recession or tip us into a depression………

    Also this kind of economic damage would cause national security problems… If there was a war then there would be no factory’s to produce tanks, hummers, weapons and the like…. Even typewriter company’s were building rifles in WW2….. We would not be able to defend ourselves…

    I am not saying GM, Ford and Chrysler should be saved in the form they are in…. Unions have a stranglehold on them…. If the govt bails them out the unions will still ruin them….. If they file bankruptcy and don’t recover the economy would fail…… A 3rd alternative would be for the US govt to force a restructuring with NO bankruptcy and to force labor to be fair…. Working for a car company has become the new welfare and this mentality has to change……

    I like foreign trade as much as many people but I would suspend or limit the amount of foreign cars coming into the USA…. The big 3 would have to be forced to produce a better product and Americans need an inducement to buy them…… If this isn’t fixed by our dysfunctional govt then we are doomed to third world status……

    What you see in the news isnt some hypothetical “it wont effect me” kind of thing….. The fallout of this not being fixed will cost more in taxes, higher prices, more unemployment and other economic problems….. this is going to hit everybody in the wallet….

  2. dan m says:

    most of the little parts jobs are in Mexico so we wouldn’t lose much , we need to let them fall and move on to the next headache. we have other car manufactures here so don’t panic besides most of our stuff is imported including our flags.

  3. Judy M says:

    The American people are being blackmailed yet again by this call for another bailout. Pay up or else millions lose their jobs.
    Has anyone noticed the awful, clunky cars they produce?
    They haven’t paid attention to the changing needs of the consumers and have not adapted fast enough.
    Why keep that kind of incompetence alive?

  4. Spacekitty says:

    i live in the area. first, 1 in 10 jobs in the U.S. are directly related to the 3 american auto companies. (Source, NBC Nightly News.)

    Many, many others are indirectly related. Millions would be affected.

    I think the banks should NOT have received a bail out. Look at what they are doing with the money. Certainly nothing for the average citizen.

    Look, America INVENTED the car. IMHO, I think we should still design and manufacture them. It is clear that the American car companies need this money to continue operating. They too were somewhat victims of the Bush administrations appalling financial policies. Why should Americans let them (the big 3) fall, and then not have a piece of that huge, global business?

    Edit: just got an email from GM. In a nutshell, here are the facts they are presenting (quoting from email):

    “Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid.

    The consequences of the domestic auto industry collapsing would far exceed the $ 25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:

    • One in 10 American jobs depends on U.S. automakers
    • Nearly 3 million jobs are at immediate risk
    • U.S. personal income could be reduced by $ 150 billion
    • The tax revenue lost over 3 years would be more than $ 156 billion “

  5. pnagy75 says:

    We are stockpiling product for GM right now. The only thing that will be passed in Carl Levin’s (D-MI) bill will be the unemployment provision. GM is going down, but remember the old saying, “What’s good for GM is good for the country,” or, in other words, “As goes GM, so goes the country.”

    Let’s just give that $ 700,000 billion to Wall Street, and forget the workers who are losing everything. In fact, give those crooks on Wall Street the pittance (comparedly) GM is asking for. They are far more deserving. (She wrote, sarcastically.)

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