The 74,000 lost jobs at GM represent $2.5 billion in annual wages and salaries that will not be earned.
The 74,000 lost jobs also represent $800 million in federal and state taxes that will not be paid by the laid-off workers, as well as $100 million in unemployment compensation that will be paid from our other tax revenues, for a total revenue loss of close to $1 billion. This is money that could otherwise have been spent on programs for our poor, our homeless, our sick, our students and our aged.
Sure, GM management is at fault for not producing better, cheaper cars. And GM labor is at fault for its shortcomings in producing quality work. Nevertheless, the real fault is ours--those of us who have too little sense of community, and too little self-interest, to buy American.