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In September of 2008, the city of Detroit was seeking a $25 billion dollar bailout. Detroit, Michigan is a major producer of the automobiles here in the United States. The city is in demand for employees, where they need engineers and manufacturers.
Why is Detroit seeking a $25 billion dollar bailout? Automakers such as GM, Ford, and Chrysler have been suffering due to the economic problems that the United States has been facing for the last few years. Due to the economic problems, automobile sales are down. These economic problems have decreased profits and have forced many automobile manufacturing plants to cut jobs and lay off many employees.
Detroit needs a $25 billion dollar bailout in order to be able to afford the overturn of manufacturing and producing. Consumers now want to buy automobiles that run on alternative fuels because the price of gas increases at a consistent basis. People simply cannot afford the additional costs of higher priced fuels, so it is economically smarter to purchase an automobile that will be reliable and not too expensive to own and operate.
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There was an urgent need to bailout Detroit because it was important to save our country's automobile industry. We need to invest in more fuel efficient automobiles in order to help our economy and our environment. If consumers purchase the new fuel efficient automobiles that Detroit automakers produce, then they will boost the automakers' profits and stimulate the economy at the same time. At this time, having more fuel efficient automobiles will help the environment by lessening pollution and decreasing omissions. Simultaneously we will also help keep manufacturing employees employed because additional workers will be need to help manufacture and design the new more fuel efficient automobiles that the automobile makers hope to produce.
The $25 billion dollar price tag for Detroit is quite expensive, but in this case it is very necessary in order to help the country's economic state. In the long run, people will probably see this bailout as a good measure which saved many jobs and helped the economy get back on its feet. Besides, this bailout is beneficial for everyone because it was funded by taxes. Hopefully, this bailout will go down in history as a great success that changed our country and made it a little better.
