Bailing Out Big Auto Is a Bad Idea

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Chances are the Detroit Big Three Automakers will receive a huge bailout from the politicians in Washington, D.C. Taxpayers will be expected to pick up the tab for $50 billion or more. Not only will this be bad for hard working Americans who will bear the cost of another bailout boondoggle, it will be a big mistake for the health and future prosperity of the United States economy.

Of course, that is not how it is seen from the halls of Congress or by the in-coming new president. The Democratic Party leaders in the House and Senate, Nancy Pelosi and Harry Reid, have insisted in a letter to Treasury Secretary Henry Paulson that, “A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector’s work force.”

In his first press conference as president-elect last week, Barack Obama also insisted that...

Read the full article at: aier.org

Date published: Nov 10, 2008

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