We're beginning to grasp the magnitude of the cuts to come in the auto industry. To quote Bette Davis, "Fasten your seat belts. It's going to be a bumpy night."
Almost 2,000 dealerships will go, which could translate into 100,000 jobs. The industry has already lost 100,000 jobs over the past three years. GM claims it will cut 33% or 30,000 people. What makes this difficult is auto industry jobs are high-paying - Bloomberg stated that one auto worker gone actually equals 1.7 workers overall.
We'll find out soon if Obama's negotiations have teeth. Read the Bloomberg piece here.