Congress will take up the question of aid to the automakers this week, and General Motors would like you to know what the consequences might be if the fed doesn't step in and help. U.S. automakers would like an additional $25 billion in aid to supplant the $25 billion in low interest loans they've already been granted for investing in green technology. What's more likely to happen, however, is that restrictions on how those loans can be used get removed and their distribution to the automakers sped up.
The video after the jump, which was produced by GM and is featured on the automaker's Facts and Fiction website, paints a picture of how our domestic auto industry in interconnected with both our national economy and security. It's certainly true that beyond the 239,000 American employed directly by the automakers, there are millions more at risk who work for suppliers and dealerships. Then there are all the other industries that rely on Detroit for their well being, which estimates have determined to equal around 1.7 million jobs. All in, at least 3 million jobs are at risk if Detroit goes under.
While it's certainly true that the Detroit 3 are far from guiltless, there are just as many circumstances beyond their control that are conspiring against them, as well as a certain brand of propaganda in mainstream media that reinforces old stereotypes. You can check out this page on the Detroit Free Press that debunks six of these myths, but what people show know is that Detroit is building desirable, quality cars as we speak. We're likely to hear lots more about this all week as Congress gets down to the business of determining Detroit's fate.
[Source: GM Facts and Fiction, Detroit Free Press]