It just doesn't add up. There is no way that the layoffs at Ford Motor Co., General Motors Corp. or DaimlerChrysler are not going to negatively affect the economy. U.S. Secretary of Labor Elaine Chao recently said these losses would have no effect on our economy. Others agree with her.
These three automakers have announced job cuts of more than 70,000 employees to take place during the next six years. Chao says that the 2.5 million jobs that were created during 2005 will more than make up for those losses. And on the surface, she would seem to be correct. After all, the proposed automotive losses average 972 per month for six years and the United States created an average of 208,333 jobs per month during 2005 alone.