One of the tenets of our automotive industry is that given cheap fuels,the automobile will come roaring back generating employments in the millions and restoring private and public financial heath.
There are two problems with this belief ,IMO.First , the American public’s purchasing power has been decimated in the past twenty oddyears by the deliberate impoverishment of the middle classes.We are now looking at a situation not unlike that of the Soviet Union where consumers who did not have any money to buy anything with were given tantlizing glimpses of what stylish clthes, scents and shoes would look like.
The second problem with this idea is that simply switching from fossil fuels to electricity would bring people out in droves to buy the new cars.Those who have spent hours on clogged roads and highways do not expect that experience to change any.
This is why in spite of GM’s perennial boast that it has an ace in the hole with an electric car looks like an empty one and its nose dive in the market and the collapse of its stock price are omens.
