Auto Bail Out Is Bad For Taxpayers
As our economy worsens, our political leaders are running around like chicken with their heads cutoff. Instead of relying on the market to lead us to a recovery, Congress and the President are determined to spend our way out of this recession. Unfortunately for Americans, they are spending our money.
The auto bail out announced by the Treasury Department gives the auto companies short term loans to get them through the next few months. But does anyway believe that the auto companies’ problems are really short term. I don’t. The auto companies face long term problems that are preventing them from being viable. And the worse part about this auto bail out is that it will cover up the long term problems. The Government’s short term solutions will allow the auto companies to not deal with their long term problems. In the meantime, our taxpayer money will be wasted.
Don’t get me wrong, I don’t want to see any more American workers lose their jobs. These men and women are hard working Americans trying to make ends meet just like the rest of us. However, I also don’t like Government choosing which Americans receive help and which do not.
I believe that the auto companies should file for bankruptcy. If this option is good enough for other companies, then it is good enough for them. If it isn’t, then we need to reform the bankruptcy code.
Our taxpayer money is not free money which should be used by Congress to pick winners and losers. This tax revenue represents money taken from families who could use that money to pay for retirement, pay down debt, or invest in education. The power of the Government to take money from its citizens is very coercive. Congress must understand this, and use it only for the common good and as allowed under the Constitution.
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