If Cars Industry Goes, So Will Millions of Jobs
Moody’s Economy.com chief economist Mark Zandi estimates that 2.6 million people will lose their jobs if GM, Chrysler and Ford collapse and that the economy is too weak to handle such a big blow.
That number includes 250,000 people who are directly tied to the big three automakers and another 2.3 million people whose jobs are indirectly dependent on the big three.
Those indirectly affected workers come from the advertising, steel, glass, fabric, tire and electronic industries, including all those workers who have businesses near the auto plants.
Obviously the big three automakers are having a tough time. Without federal aid or a huge sales turnaround--(which is highly unlikely)--one or more of the big players will have to file bankruptcy.
Stay tuned to Total Bankruptcy blog for the news as it develops.
Read more: Auto Makers May Face Bankruptcy