- THE MAGAZINE
- WEB EXCLUSIVES
I cannot stress enough the importance of the auto industry to our nation’s economy. As I’ve stated in the past, the automotive sector is the country’s largest manufacturing industry, and it accounts for approximately 20% of our manufacturing GDP. What’s more, the overall industry accounts for more than a million jobs, including many among industry suppliers. The automotive industry is a highly integrated industry, which means that all of the automakers in America share many of the same suppliers. Therefore, a failure of one automaker could have a crippling impact on the entire supply chain and reverberate throughout the U.S. economy.
We must not permit the automotive industry to fail. As a result, the NAM supports the allocation of $25 billion in funding from the approved $700 billion in the Troubled Asset Recovery Program (TARP) to rescue and help stabilize the auto industry.
The auto industry is in dire need of relief today, and such relief should be seen as a critical component in our overall effort to restore confidence to consumers and investors, and stabilize the economy. With that in mind, we encourage Congress to move quickly and decisively to provide this support.