STUDY: 76% of Americans believe economy can survive without GM
According to The Detroit Free Press, Rasmussen Reports called 1,000 people and asked them if they believed "the economy could recover without General Motors in business." The results were clear: 76% of respondents said "Yes, it can." The sentiment against any more taxpayer money being used to assist automakers was clear as well: 62% said neither GM nor Chrysler should receive any more loans.
Just as interestingly, the public appears to expect failure from one of the two companies: Fully 59% said that it was "very likely" or "somewhat likely" that GM or Chrysler will go out of business in the next few years.
Yet while the results of this survey are clear, it could be that the first question itself is slightly misleading: The economy could recover without a lot of companies, including AIG and Citibank. After all, you can't really kill an economy as long as there are people left to exchange goods and services, right? The real issue is whether people are prepared and willing to deal with the fallout from such companies going out of business.
[Source: Detroit Free Press]
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Reader Comments (Page 1 of 4)
zamafir 1:03PM (4/02/2009)
Come on republicans, use this to force obama to give up on GM, you're almost there!
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Jake B 1:08PM (4/02/2009)
Hey braindead. Republicans don't want GM to cease existence. Rather that from the get go BK would have been a better option. A BK that gets rid of those unions.
Dondonel 1:23PM (4/02/2009)
Sure you can sell a kidney and cash some money, but are you prepared for the lifelong consequences? I bet you are not.
BigMcLargeHuge 1:33PM (4/02/2009)
I don't think he specifically said Republicans want GM to cease to exist.
Its more a matter of convincing the most fickle president in recent memory to flip-flop along with whatever daily poll says.
Black Bush overeacts to daily media spin factor as fast as they can crank it out.
"I want to tax AIG bonuses"... 2 days later. "ummm... Lets be cool about these AIG bonuses."
Everything he does seems rushed, written in a panic and signed into law, usually with a huge price tag bought with US bonds sold to China.
I guess that makes him the perfect president, since we're the most fickle voting populous probably in American history. We change our minds almost overnight about MAJOR issues. What a mess WE are.
Jake B 1:38PM (4/02/2009)
The President is not suppose to behave like a normal person. I want a President with a strong opinion, but the right opinion. I want to vote for a President that actually believes in making this country a better place, not a career politician. We need another Reagan or something.
zamafir 2:03PM (4/02/2009)
I don't really care, I just felt like getting in a bs republican comment before the Obama flood gates opened. I'm a reasonable person. I get that Ch 11 is the only way to fix it, if it is fixable, and I also feel for people losing their jobs, regardless of how grossly overpaid they are. At the core, though, like what the republican party’s primary focus was pre bush, I’m a big advocate of business, and as such, recognize GM is in the position they are in mostly because of the decisions they willfully made which resulted in the precarious position they found themselves in when the market declined.
Coolio 2:34PM (4/02/2009)
Sure the economy can survive without GM. But you'll be much, much closer to a barter economy. You'll have a lower standard of living. Your kids will too. And you'll have to pay more for education, health care, etc etc. Good luck supporting a war when no one in your economy "makes stuff".
Don't worry...you'll still be able to purchase cars...from foreign companies and countries. And that is where all the corporate profits will go.
If you wish to have GM fail, you are an idiot and have no clue about economics. End of story.
Speaking of "End of story", this may well mark the end of US as the dominant global economy.
civickiller302 5:24PM (4/02/2009)
what? Coolio....seriously? If you know ANYTHING about economics you know your retarded comments are not true. Bartering? um no. Lower standard of living because GM fails? uh no..negative.
Welcome to what I like to call Capitalism. GM fails? ...No big deal, there will be no domino effect, no decrease in the average American's standard of living. In a perfect capitalistic economy we would have already allowed General Motors to fail because they have become too fat and slow to compete in the current automotive industry. ....what economic classes did you take?
Josh 7:04PM (4/02/2009)
@ civickiller302
Uh, do you like cars? Do you like the fact that cars are relatively cheap to afford and maintain in this country?
Too bad, because while there won't be major domino effect in the overall economy, there WILL be a major domino effect in the AUTOMOTIVE industry if GM were to fold. That supermassive black hole that will be left when GM is out of the picture will spell the beginning of the end for the home-grown American auto industry.
That hole that GM fills is what keeps the industry moving in this country. The only way things can keep going the way they are now if GM were to go bankrupt, is if another company were take over its place almost immediately. Hint: it isn't going to be Toyota. At least, not for a while.
Imagine, a complete collapse of the automotive industry in the United States. Ah well, as you say our 'perfect' capitalistic economy dictates it, correct?
Knossos 1:05PM (4/02/2009)
The other 24% work for or are invested in GM.
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jpm100 1:16PM (4/02/2009)
Half of the 76% are invested in Toyota and the other half are taking the first half at their word.
tbss_in_the_D 1:04PM (4/02/2009)
If GM goes out all three will be gone. It is as simple as that. The suppliers will all be gone within weeks. It will also hurt the foreign car makers very badly to. I am not saying that they should not go into BK but I do think if they completely fail we could see a major rise in car prices and a hole lot of people looking for jobs.
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ronEbear 1:12PM (4/02/2009)
OK there Keith, have another glass of the Kool-aid. You`ve been effectively brainwashed by FOX news.
Frank 1:29PM (4/02/2009)
Sounds like you been effectively brainwashed by moveon.org.
Epyx 1:33PM (4/02/2009)
So one of you guys thinks he suffers from RW brainwashing and the other thinks LW brainwashing?
tbss_in_the_D 1:36PM (4/02/2009)
I love it! I guess I am in the middle.
Kumar 1:40PM (4/02/2009)
Not quite a valid argument.
Compusa and Circuit City are gone, but Best Buy and Fry's are still around, not to mention Newegg and all of the other online avenues. These stores all get their stuff from the same suppliers, but all of them didn't go out of business.
It's like a sick reality show, whichever one outlasts the other, gets to stay alive, with Ford earning the free pass this round.
Temple 1:38PM (4/02/2009)
The supplier will survive because on Mar. 19th a $5 billion fund that guarantees payments to struggling auto suppliers was created. Those billions will go primarily to GM and Chrysler suppliers.
Bailing out GM alone is expected to cost $30 billion, and they already have $60 billion in debt. The $5B is a lot cheaper investment of taxpayer money.
http://www.businessweek.com/lifestyle/content/mar2009/bw20090319_960219.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis
Tourian 1:53PM (4/02/2009)
@Kumar
You are talking about retailers who don't make anything. We are talking about producers. Circuit City is not analagous to GM.
Kumail 1:05PM (4/02/2009)
But most people, including me, don't know what the loss of a company as big as GM will mean to the economy...
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