Quote:
Originally Posted by classicman
He was doing relatively well until he said that the bailout saved a billion jobs.
According to the GM Corporate Website, GM only employs 252,000 people globally.
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First he said a million; not a billion.
Second, most of GM's work is done by contractors. First tier contractors may be about 5 for every one GM employee. These are people who work only on products and parts that go into GM cars.
The Economist noted this problem. To maintain sales, GM was offering cars to contractor employees with same discounted prices that employees get to buy them. It amounted to something approaching one out of every two GM cars were sold to employees or their contractors at discount. The Economist called this socialism.
GM employed that many people - most of whom were not GM employees. IOW his number at one million is probably too low.
The auto industry employs about 10% of all American workers.