For quite some time, we have heard a lot of rumors about the problems of General Motors and other US automakers. According to a CNN report: General Motors on the brink. From the heading of the report written by Chris Isidore, you can easily understand what is going to happen. Many Americans considered GM to be an “icon of American manufacturing”. So, this icon is failing and falling very hard. If there is a take over from the US government then before that, GM needs to get some kind of bankruptcy protection from the court so that it can decrease many costs involving the stake holders. So, many workers would get much less money from the fallout and in the end, they are going to suffer a lot.
There is no doubt that many people will lose jobs in the coming months in GM. Also, the company will have to close down some factories to cut cost. Many retired workers will also suffer some kind of reduction in their pension. Many dealers and their workers (in dealer shops) will also suffer. So, it will send some kind of a shockwave to the US economy.
President Barack Obama will give a speech to the nation tomorrow and in it, he is expected to talk a lot about GM bankruptcy. He thinks that it is best for the company and for the US economy. I have similar idea too. I think that General Motors is in dire condition now. If the problem is not addressed at this moment then it can be too late to do something later. Do you agree with me?
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