Freedom New Mexico
U.S. automakers have been running on empty for years. Now they want American taxpayers to fill up their tank.
Detroit’s Big Three — General Motors, Ford and Chrysler — are seeking a slice of the $700 billion federal bailout pie to help them meet payroll and fund pension obligations. And they have found sympathetic ears in Washington: House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and President-elect Obama, who are urging the Bush administration to give the auto industry access to the bailout fund.
The answer should be an unequivocal “no.”
Automakers have been saddled with poor sales, expensive union contracts and the legacy costs of retired workers’ pensions that are bleeding them dry. The Big Three argue they are victims of the credit crunch and deserve federal assistance to stay in the black (this on top of the $25 billion loan they received several weeks ago).