Failure of Big Three Would Mean More Job Losses (Rep. Brad Miller)

The failure of America’s automotive industry would be catastrophic for our economy. I don’t think we want to go through our whole economy, industry by industry, and try to prop each one up but I know that almost every district in the country, including mine, would see very significant job losses if the Big Three failed.

I know of three plants in my district, all in fairly small towns that are parts manufacturers, a couple are textile companies but their entire market is the automobile industry. If the Big Three failed, those parts manufacturers would fail and the consequences for those communities would be devastating. We’ve got a huge economic problem right now.

I know the restructuring that has already begun on the automobile industry and it is going to have to continue. They really have made mistakes in the past, they need to go forward and sin no more but if we do nothing, I am very worried about what’s going to happen to the American economy.