Tuesday, October 07, 2008
Bailout for Detroit too
While all the attention was on the really big bailout for the financial industry, Congress quietly passed a budget bill that includes another outrage: a $25 billion subsidized loan for the auto industry. As this Register editorial notes, the ostensible purpose is to encourage the companies laughably called the Big Three to develop fuel-efficient cars -- as if $4.00 or even $3.50 gas and fleets of unsold SUVs weren't incentive enough. A better approach would be to repeal the CAFE standards, but that wouldn't increase government power or waste taxpayers' money.