Monday, December 1, 2008

Bridgestone/Firestone to lay off 158 employees

WSMV Channel 4 reports tonight that Bridgestone/Firestone at its La Vergne plant will lay off 148 workers and 10 staff members on Dec. 18.

More layoffs could be forthcoming next year as new car sales plunge due to the economic downturn.

Tennessee's overdependence on the auto industry could make the recession hit harder here than in other parts of the nation. The Big 3 automakers will be back on Capitol Hill tomorrow asking to be bailed out with $25 billion in taxpayer money. GM will present plans to close more plants and conduct more layoffs. Its Spring Hill plant could be affected.

Layoffs mean less spending. And less spending means less sales tax collected by state and local governments. Tennessee lawmakers could well be facing a $1 billion deficit in the current budget year when they return in January. And expected cuts in the local share of state aid will force local lawmakers to cut services and raise property taxes.

This recession will leave no one untouched.

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