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There's currently (and roughly) 52,000 people employed by Chrysler in this country. the $1.3 billion works out to about $25K per employee.
Michigan's unemployment is 26 weeks, after which the feds pick up the check from week 27 to week 99, or 73 weeks. $25K divided by 73 weeks is about $342 a week per employee.
And that doesn't take into account the secondardy layoffs in the economy if Chrysler was allowed to collapse.
Like Ford would not survive w/o GM and Chrysler, plus all the ancillary businesses, the investment in GM and Chrysler is very small relative to the trillions in returns. Well done to Bush and Obama.
Can you post the math you did to come up with that estimate?
I didn't have to, Bloomberg did it for me.
Quote:
Originally Posted by Bulldawg82
It would have been no where near that.
Where are your figures? Besides take it up with Bloomberg.
Quote:
Originally Posted by DRob4JC
Why can't you simply admit that this isn't good and government screwed up?
Because it didn't.
Quote:
Bloomberg: The U.S. would have lost $28.6 billion in spending on social services and missing tax revenue if not for the bailout of GM, its former lending arm and Chrysler Group LLC, according to a study released Nov. 17 by the Center for Automotive Research in Ann Arbor, Michigan.
“GM ends up an economic contributor to the U.S. economy,” said Barry Ritholtz, author of “Bailout Nation” and chief executive officer of New York investment research firm FusionIQ. “It’s manufacturing products, it’s creating jobs, it’s buying wholesale parts, it’s doing what an industrial company is supposed to do.”
How much would the government have had to pay in unemployment benefits, to workers and suppliers, had Chrysler closed completely? I would estimate, more than $1.3 billion.
Location: In a Galaxy far, far away called Germany
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Quote:
Originally Posted by MTAtech
I didn't have to, Bloomberg did it for me.
Where are your figures? Besides take it up with Bloomberg.
Because it didn't.
Bloomberg does not back up your assumption that 1.3 Billion would be paid out in unemployment. Chrysler does not employ that many people and most of those that did business with Chrysler wasn't relying on only Chrysler for their business (so it is very deceptive to try to use that to back up that assumption). The assumption is silly and uninformed.
How many more times will the governemnt bail out Chrysler? Their investment in "green" will surely send them right into the tank yet again here in a few years. Carter started this whole bailout fiasco. He must sit back and smile watching the great orator at work.
How much would the government have had to pay in unemployment benefits, to workers and suppliers, had Chrysler closed completely? I would estimate, more than $1.3 billion.
I think it would have been zero...how is that for a guesstimate...
Carries as much weight as yours.
This seems reminiscent of the ''jobs saved'' crap Obamalamadingdong spoke of...
I didn't have to, Bloomberg did it for me.
Where are your figures? Besides take it up with Bloomberg.
Because it didn't.
Can you post more valid numbers? That article is nearly a year old, and the figures stated are based on fiscal projections pre-IPO. Did you even read the methodology before posting that number? In this economy, year old projected numbers are not very valid. Based on the methodology of that article, the numbers would be shaky even when initially reported.
Ummm,why do people ASSume Chrysler would have closed up shop and let go of all it's workers?
Why do you ASSume that something else would have happened?
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