The auto industry is more than GM. Got to add the 'foreign' marks such as Toyota and count them. There is also the maintenance and operations part of the industry, e.g., the local service station. Not counting the grossly inflated housing market of the moment, the auto industry is a huge percentage of the national wealth. Cars are like second houses, in time spent inside and in monthly payments and gas/oil. We are wealthy, but a third our wealth is sitting in the driveway quietly oozing various fluids onto the pavement.
"Not counting the grossly inflated housing market of the moment, the auto industry is a huge percentage of the national wealth. Cars are like second houses, in time spent inside and in monthly payments and gas/oil. We are wealthy, but a third our wealth is sitting in the driveway quietly oozing various fluids onto the pavement."
The *average* American, counting men, women, and children of all ages and races...has $161,700 in net wealth above debt.
That's counting home equity, IRA's, 401k's, brokerage accounts, bank savings, cars, homes, everything.
Of that wealth above debt, less than $10,000 is in a car, on average, per American.
And even if/when GM goes belly up, your cars will still have some value, and still be guzzling gas and getting new tires and maintenance (i.e. churning money back into our economy).
But overall, the U.S. economy would no longer even feel the complete elimination of GM, the world's largest producer of automobiles.
Our $12 Trillion annual GDP is simply too vast to be bothered with a $16 Billion company.