GM to fire 70% of US workforce

Today General Motors announced is will layoff 70% of USA automotive workers. The troubled american automaker last year posted a record loss of 39 billion. The other american car makers Ford and Chrysler are not doing any better. In fact, the entire american automotive industry has been laying people off. In the construction industry things have never been worse.

GM is in a struggle to survive. It will soon lose its number one automaker position to Toyota. GM execs were laughing back in the 90's when Toyota focued on hybrids, now the ar crying. GM has to slash its workforce to buy time, but this patient is terminal. As the economy implodes expect other big companies to announce similar measures. We are seeing the beginning of the end for the US as a world power.