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Big Automakers' Plea
The big 3 automaker CEOs testify on Capitol Hill on the financial state of their companies.
With a flailing economy and job cuts continuing to rise, I'm concerned about whether or not the big three automakers can last until a new administration begins in January. It's a delicate task trying to ensure that proper safeguards and measures are in place to ensure erroneous mistakes are not made with taxpayer dollars.
They've made cuts to ensure survival, but may not be strong enough to survive on their own much longer. Their inability to be a leaner, more efficient company is staggered by their volume of dealers and brands nationwide.
If Congress chooses to help out the automakers it will be on top of the already staggering $11 trillion dollar deficit. Maybe I'm going out on a limb here, but I thought we were already a financially strapped country. I'm not sure if we have the capital to keep intervening in every industry's crisis. Then again, I don't see the laying off of close to a million employees as something that's going to be economically healthy for the country either.
U.S. automakers have been seeing their profitability dwarfed in comparison to foreign companies over the years. They may now be ready to produce more fuel-efficient vehicles, but is it now too little too late?
Is it wise to help save the American auto industry?