Don't Let Congress Hand the Auto Industry a Blank Check

The auto industry has created a nice little mess for itself.

For years Detroit automakers have ignored consumer desires for cleaner, more fuel efficient vehicles and continued churning out massive, gas-guzzling sport utility vehicles to secure handsome profits.  They disregarded rising gas prices and lessons learned from the oil embargoes and shortages of the 1970s.

Now these corporate giants are descending on Washington hat in hand to request that the taxpayers bail them out.  They want as much as $50 billion in loan guarantees so they can continue business as usual.

Never mind that the CEOs of the big three (General Motors, Chrysler, and Ford) make annual salaries with benefits between $2 million and $12 million even as share prices plummet.

Ignore the fact that General Motors actually destroyed its zero-emissions electric cars after California eased its emission rules in the early 1980s.

Tell Congress that any bailout language must contain assurances that manufactures will increase the fuel economy of their fleets beyond the standards set last year by Congress and their vehicles must comply with all safety standards while doing so.  Don't let the industry get their way with no strings attached otherwise history will repeat itself.

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November 18, 2017

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