Let Chysler and GM Die

You:  You heartless bastard!  What about the jobs?

Me:  Chrysler employs 60,000 people.  That's a rounding error in the total number of jobs lost since the current downturn started.  GM employs 240,000 globally, approximately 98,000 U.S.  Again, compared to the 2.5 million lost jobs since October, 2008 those aren't particularly meaningful figures from a national economy standpoint.  As Megan McArdle notes:

To put it another way, we could have taken the $8 billion or so we gave to Chrysler and given every one of the company's employees $133,000 to start their own War on Poverty, while still providing much of their pensions through the PBGC.  Of cours, the new Chrysler is going to cut many of those jobs, so the cost of actual jobs saved will probably top $200K per.  For as long as the company lasts.  Which most analysts do not expect to be long, given that their super secret surprise scheme for turning everything around is to have Chrysler sell retooled Fiats to a country with one-seventh the population density and almost twice the birthrate of Italy.

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