Sales plunge for U.S. automakers. High gas prices send buyers to Toyota, Honda.
Does Detroit ever learn? This happened in the 70’s too. High gas prices, as well as abysmal quality, cratered Detroit auto sales as buyers bought Japanese and German-made cars instead. Now the same process is happening again. And it’s not the well-paid execs of Detroit auto companies who will suffer when the assembly plants close, it’s the workers.
I lived in Michigan in the early-mid 70’s. Unemployment was way higher than other states. Yes, there was a recession, but the obstinate cluelessness and huge greed of the auto companies made things much worse for the workers. Layoffs and plants closures will surely be occurring again, if they haven’t started already. But only the workers, the execs generally get a free pass.