To stay afloat, GM said, it would cut an additional 47,000 jobs this year, reduce half of its vehicle brands in the U.S. and cut the number of models it sells by a quarter. Chrysler said it would eliminate 3,000 employees, cut production by 100,000 units and kill three models.
To accomplish all that, GM said it would need up to $30 billion in loans by 2011, including the $13.4 billion it already had received. Chrysler said it would need a total of $9 billion, including $4 billion it received in early January.
Let’s see if I have this straight. The automakers want more taxpayer money to stay afloat, and in return they faithfully promise to put taxpayers on the street. And people on the street don’t pay taxes, they don’t contribute to the economy; they certainly don’t buy cars.
I think it’s time for corporate America to stop eating its own to stay fat. The taxes of America’s workers should not go to buy such a lavish dinner, when the menu is cannibalism.
Posted by squelch 