Support for Automakers and Auto Workers

by Eric Wohlschlegel

Congress and the administration should move quickly to provide financial support to struggling American automakers and their workers to prevent a dramatic worsening of the economic crisis, the loss of millions of jobs, and a threat to our national security. The automotive industry is one of the most important sectors of the U.S. economy, representing 4% of the U.S. gross domestic product and accounting for one in 10 American jobs. A recent report from the Center for Automotive Research found that if the Big Three American automakers were to cut U.S. operations by 50%, 2.5 million jobs could be lost in 2009, including nearly 250,000 jobs lost at the automakers and nearly 800,000 at suppliers.

The U.S. Chamber has called on the administration to apply the powers of the Emergency Economic Stabilization Act (EESA) to help restore liquidity and financing so that U.S. automakers are able to function, meet consumer demand, issue car loans, and develop new energy-saving technologies. We have also urged Congress to take additional measures during the lame duck session of Congress to provide liquidity to the industry.

Tom Donohue and Bruce Josten discussed measures to support the industry yesterday.

Comments

[Our Nation Needs to let Washington KNOW - We support this bailout]

People need to contact thier local government, mayor, govenor, and senators to let them know we support OUR nations automakers. They need this money to keep people working - GIVE them the money before its too late... They gave the California Police 10 million for bicycles...