Tegan Tegan:
According to one report GM has about 100,000 employees in various parts of Canada including all the provinces, not just Ontario. Then you need to consider Chrysler and possibly Ford. Then there are all the parts, paint, repair, advertising, media, accountancy, lawyers, IT and computer companies, food businesses, electronic firms, and many others that are indirectly dependent on the auto industry in Canada.
If the big three go under, imagine the snowball effect. Complete stock market meltdown, millions in taxes disappeared resulting in higher taxes for all, Unemployment up to the 20% range with higher premiums being paid by all workers, huge government deficits to cope with the problems, social unrest with demonstrations, riots, and a possible increase in the crime rate, the housing market will degenerate with people walking away from high mortgages on houses that they can no longer afford and can't sell,....the list goes on and on and it will affect everyone no matter where you live in Canada.
So, taxpayers and governments it is the dilemma of bail-out now or face dire financial consequences that will be much worse for everyone.
absolute nonsense.. if they file chapter 11 they don't knock down the plants and toss everyone out of work. Ownership will change hands and accountability will finally come to the big 3(yes that means the CAW will have to accept pay cuts). Many analysts suggest that is better than a bailout.
brush up on some basic economic fundamentals and quit reading Union press releases as legitimate news sources.
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