Rahm Emanuel claims that Auto Industry and GM are "thriving"?
I wrote this in May:
The “million jobs” contention is quite a stretch. Before filing for bankruptcy in July 2009, GM had 91,000 employees in the United States. You can reach a 400,000 total by assuming that all of GM’s jobs, as well as all the jobs of its parts suppliers and car dealers, would have been lost. Last year, employment in the entire automotive industry in the U.S. (counting Ford, Toyota, and other companies and their suppliers, in addition to GM and Chrysler) was only 717,000. . . .
You can see how the company is doing from the changes in its stock price over the last couple of years. It hardly looks like a thriving company. Of course, Ford Motors was hurt by its competitors getting massive government subsidies. In any case, Ford has also had some rough times, though over the whole two year period its stock might not have fallen by as much as GM's.
Labels: bailout, GM