President Barack Obama

The incoming Obama administration will inherit many economic and financial disasters from the outgoing Bush administration, not the least the imploding automobile industry. The big three Detroit carmakers are all on the verge of bankruptcy. If GM, Ford and Chrysler are dissolved, millions of workers will lose their jobs. The numbers are high because many spin-off businesses depend on Detroit, including parts suppliers, advertising agencies, dealerships and service centers.

Barack Obama stated as a high priority while campaigning facilitating the retooling of Detroit to build a new generation of fuel-efficient cars, leading to the creation of many new jobs. It is clear that President Barack Obama, early in his administration, will need to focus on saving America’s auto industry. Speculation has centered on the creation of czar for the auto industry, and Obama may very well follow through on that possibility. Whatever is decided, Obama’s policies regarding America’s troubled auto industry will impact the health of the overall economy at a time of global economic crisis.