Ground hogs day...again

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It’s Ground Hogs day…Again

 

Remember the movie that has become part of the American vocabulary? Bill Murray, as the star of the film, lives Ground Hogs Day over and over.

 

Remember the American steel industry? America used to dominate steel production worldwide, until we let the productive and determined Asian industrial complex take over most of our position of dominance.

 

Chis Isidore of the CNN Money desk writes the next chapter of Ground Hogs Day (http://money.cnn.com/2009/11/23/news/companies/gm_china) translated to the diminishing manufacturing capability of our country. First steel and now automobiles. Why would we lie down and let the Asians take that on which this Country was built? We have given money to China so they can buy General Motors? Why?

 

I agree with Mr. Isidore that the Chinese buying General Motors is a real possibility; in fact it makes perfect sense. The US has propped up GM with $50 Billion of bailout funds and the Company has continued to fail in financial performance and by shipping the bailout funds to Europe, China, India, and now Sweden. The post $50 Billion failure of GM will result in another bankruptcy in the US. In taking a departure from Mr. Isidore, I believe that China will swoop in and buy General Motors “on the courthouse steps”. The result is the same in both of these Ground Hogs Day chapters; America ultimately loses the ability to manufacture for our citizens and the world.

 

Maybe most do not think that drifting toward a Service only economy matters. It matters now and it is the reason unemployment will remain very high for a long time. Without the immediacy of trading manufactured goods for currency our economy must wait for the service sector to recover from a middle class that is largely unemployed. This takes a very long time for recovery and thus our economy will drag. This will only be worse as manufacturing jobs leave the US.

 

American jobs building American cars for Americans is what www.savingpontiac.org is all about. More importantly it is a rational use of Assets that Americans bought with the bailout of General Motors. We encourage our readers to sign our petition and end the cycle of another Ground Hogs Day and create 40,000 American jobs now!!!