The US Government may end up aiding the automakers with up to $100 billion. Yes, billion. Let me write that out for you: $100,000,000,000.00. Citizens for Tax Justice, a taxpayer watchdog group, states that there are 117 million taxpayers in the United States. Even if these numbers are slightly off, it's somewhere around $854.70 per American taxpayer. How is the defecit going to be cut when we're spending money like this on a business model that will not work without massive restructuring?
Even the new CEO of General Motors, Fritz Henderson, is quoted "if it's required, that's what we'll do"... obviously talking about bankruptcy. So why are we still throwing money in this black hole if bankruptcy is still an option. The current model is flawed and there needs to be deeper restructuring, which is why the old CEO, Wagoner, was given the boot. Michigan is in a world of hurt and this uncertainty does not help the cause. More jobs are going to be cut (unemployment rising!) through 2012 and the company must be leaner that it projected in February. Seriously, February? That was 2 months ago. How can the people running one of the largest American corporations not realize the severity of the situation 2 months ago?
Henderson has stated that one of the happiest days of his life will be when General Motors will repay the American Taxpayers. I can't wait. I'm going to take that $800 bucks and put it towards a Camry (just kidding).
We need American automakers, get with the program, restructure, go bankrupt, whatever is needed and start the process of restoring the confidence Americans have in American cars.
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