People, more than ever before, we need to boost the American economy by buying American, from household products to cars...especially cars. With bankruptcy looming at General Motors and Chrysler LLC, both troubled automakers have announced new moves to try and avoid that fate. But even if the companies are able to stay out of bankruptcy in the near-term, several experts believe it may be too little too late to save both companies for the long-haul.
GM proposed Monday to cut more brands, plants and workers, and eliminate $44 billion in debt and other obligations by issuing a sizeable amount of additional stock to pay off creditors, the government and union trust funds. The company is hoping to reach an agreement with those three parties on this new plan by the end of May or it could be forced into bankruptcy. America cannot afford to lose these icons of the international auto industry especially since the majority of immigrants in the U.S. don't care to buy American cars.
GM proposed Monday to cut more brands, plants and workers, and eliminate $44 billion in debt and other obligations by issuing a sizeable amount of additional stock to pay off creditors, the government and union trust funds. The company is hoping to reach an agreement with those three parties on this new plan by the end of May or it could be forced into bankruptcy. America cannot afford to lose these icons of the international auto industry especially since the majority of immigrants in the U.S. don't care to buy American cars.
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