Auto Industry Drives U.S. Economy

Auto Industry Drives U.S. Economy

This morning the federal government reports the latest unemployment figures, using a measure that seems increasingly irrelevant as more Americans remain among the long-term unemployed and underemployed. While we wait for dubious numbers and optimistic spin, let’s adopt the misunderstood, mis-attributed, and misquoted adage that “what’s good for General Motors is good for the United States” and turn our bloodshot eyes on Detroit.

Industry boosters are gilding the poison ivy, choosing to see last month’s slight bounce as the start of an upturn, but others wonder if the plunging sector has hit bottom yet. It’s only a matter of time before xenophobes and protectionists seize on the fact that Asian cars outsold Detroit buggies in God’s Own Country last year.

Job cuts continue among U.S. auto workers, and Con Chapman has identified a significant new economic indicator: 

“As Auto Industry Shrinks, Crash Test Dummies Fear Future.” 

 

Image (“You Want Fries With That?”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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