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“We Simply Cannot Ask The American Taxpayer To Subsidize Failure”

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Study the words in the title, and take a think. Haven’t we already subsidized failure to the tune of hundred of billions in the last three months?

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i speak with forked tongue

Before Mitch McConnell uttered the phrase above, he made sure to try to separate the bailout of the auto industry from the bailout of the financial industry. The financial bailout he said, was to shore up the entire economy. The auto bailout would support a single industry.

But McConnell’s cries of selectivism should fall on deaf ears. The US Auto Industry is no ordinary industry. It represents a big chunk of our albeit shrinking manufacturing output. It’s not as if the aluminum siding, or the garden furniture industries were looking for federal handouts. We’re talking about cars here. You can’t walk five yards in this country without seeing fifty. If the US car industry were to fail it would impact millions of Americans, would crush a thousand companies that rely on the Big Three, would severely impact the world auto industry, and would dig us deeper into recession.The truth is that sometimes principles have to suffer. But it’s not as if McConnell and his fellow Republicans can make any claim on ideological purity when it comes to subsidies. Read the rest of this entry »

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