Automakers: Millions of Jobs Will Vanish

The Big Three automakers warn that if they go under, the fragile U.S. economy will be dealt a blow far costlier than the $25 billion in aid the companies want. The question legislators, pundits, lobbyists and taxpayers are asking is: If we let these guys fail, how bad will it really be for the economy? Moody's Economy.com chief economist Mark Zandi estimates that 2.6 million jobs — about 1.9% of the U.S. workforce — would be lost if GM, Chrysler and Ford were to go under. That includes more than 255,000 people directly tied to the three companies and an additional 2.3 million whose jobs are indirectly dependent. Zandi argues the economy is too weak to absorb the fallout from an auto industry crisis.