FACT SHEETThe U.S. Auto Industry’s Economic Footprint
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Ford Motor Company, along with General Motors Corp. and Chrysler LLC sold 8.5 million vehiclesin the United States last year and supported millions of American jobs, both directly and throughsuppliers and dealers in all 50 states.
Employment
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At the end of 2007, Chrysler, Ford and General Motors directly employed about 240,000American workers and indirectly supported over 4.5 million workers in the UnitedStates.
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A liquidation of the auto companies would result in the loss of 3 million U.S. jobs(according to a study by the Center for Automotive Research).
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The auto industry works with thousands of suppliers in all 50 states and has 13,600dealers (which employ 720,000 workers with a total annual payroll of $36 billion).
Benefits
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In 2007, Ford, GM and Chrysler spent $22.2 billion in payroll and $8.9 billion on healthcare.
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Last year, the companies provided health care to almost two million Americans and paidpension benefits to 775,000 retirees or their survivors.
Support for U.S. Government
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The industry is responsible for $1.2 billion in annual state taxes and spends $12 billionannually in research and development.
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The automotive industry is the largest U.S. export sector.
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It represents almost 4 percent of the U.S. gross domestic product and 10 percent of U.S.industrial production by value.
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The government stands to lose over $156 billion in federal taxes (over three years), if the U.S. auto industry were to collapse (according to a study by the Center forAutomotive Research).
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According to an October 28
Wall Street Journal
article, “The Pension Benefit GuarantyCorp. ended 2007 with an $11.2 billion deficit. Were GM to place its pension burden onPBGC, it would more than double the agency's current shortfall, a burden that could fallon taxpayers.”
Note: The worldwide market declines mean that 366 companies amongthe S&P 500 have underfunded pensions, according to a Credit Suisse study.
Support for Other Industries
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Ford, GM and Chrysler are among the nation’s largest purchasers of U.S.-manufacturedsteel, aluminum, iron, copper, plastics, rubber, electronic, and computer chips.
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2007 figures
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