Terrible news and most of it is due to the shift from cars to SUV's. Why buy a 30mpg Malibu or Impala when an Equinox for the same price gets the same gas mileage? Who would want the smaller vehicle at that point? What's a shame though is that Chevy Volt production here in Michigan at one of GM's oldest plants is coming to an end in March. Still, GM could manufacture the new Trailblazer at one of the U.S plants that are closing, instead though it will be made in Mexico.
On another note a lot of people currently don't seem to care that much about gas mileage. A lot of people have also been having a blast with a great economy and are buying new expensive SUV's and trucks...that also come with huge loans in most cases. Just wait until the next recession though and / or if gas goes back to $4 a gallon...
Consumer debt is now $837 billion higher today then it was in 2008...We've had a great economy for a decade but I think there's been a ton of overspending by consumers in the form of higher end cars, huge student loans, big houses with big mortgages, etc.
A good number of people that don't even work for GM will be affected by the plant closures and layoffs. I recall reading an article that said for every 1 GM job that there's 7 others that exist because of it (suppliers for example).
