Congressional Support for $25b Motown Handout Growing
The automakers whining lobbying in Washington seems to be paying off. The Detroit Free Press reports that 71 members of the House of Representatives have said they'll support the Advanced Technology Vehicles Manufacturing Handout Initiative. The $25b program's meant to help the domestic automakers catch up with the transplants meet the 2020 CAFE standard of 35 mpg by giving loaning them money to engineer fuel-efficient vehicles or upgrade old plants. Rep. Sander Levin from Michigan explained, "Funding this new program is critical to the future of the U.S. auto industry, as well as our nation's efforts to reduce our dependence on foreign sources of oil. The federal government must be an active partner in the effort to create these jobs and technologies here in Michigan the United States." Several members of the Senate have also expressed support for the program, including Sen. Barak Obama (surprise!). But the chances of it (or anything else) being passed this year are slim. Congress will start their August vacation recess this week; they have no plans to convene after the election. That leaves only September for them to get anything done. As if. [thanks to carveman for the link]
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So what, why not? We will borrow from Chinese to pay for it and not pay them back.
The brilliance of labeling a liberal a fascist is that they really can't argue the point with any intelligence without painting themselves into the socialist camp. Their only hope is to argue that they are not racists and depend on the ignorance of the audience.
The CEO's of the failed Freddie Mac and Fannie Mae (both recipients of Gov't bailouts as part of the effort to quench the "Mortgage Meltdown") both pulled in $14.5m for their 'work'. The home buyers that are in trouble will also see some benefit from this bill also, so, everybody wins, right? No reason that taxpayer money shouldn't be used to bail out all such mismanaged industry, as the 'trickle-down' effect will eventually benefit some taxpayers. As been said, socialism for the big guys, "free market" for the little guys -- so the middle class gets it in the pooper no matter what.