It seems that the government is losing hope in the situation of the automobile industry, particularly the automakers General Motors and Chrysler. Treasury Secretary Henry Paulson said it might be proper to allow the automakers to fall into bankruptcy if that is the only solution left. This means the government might not bail them out.
The secretary might be correct. If these firms will collapse, so let it be. Enough of using public money to save private enterprises whose businesses are failing. It is not the business of the people, the taxpayer, to save these companies while there are other more important matters to attend to such as social services, health benefits and education. The people’s money should be used for general welfare, not for the welfare of the ailing companies. If GM and Chrysler would fail, for sure there will be others that will take their place in the automobile industry.
Posted by Jones on January 8th, 2009 :: Filed under Uncategorized
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