Momentum is building in Washington for a rescue package for the auto industry to head off a possible bankruptcy filing by General Motors, which is rapidly running low on cash.
Many see this as necessary, while others want the market forces to work its magic with the auto industry’s problems. The free marketers would love to see bankruptcy shed a few more union jobs, since organized labor has been a pain in the ass for the powerful corporate elites, an unconfortable balance that held back flat out capitalism. The Times article continues with this:
Although G.M.’s labor contracts would be at risk of termination in a bankruptcy, setting up a potential confrontation with its unions, bankruptcy can offer a fresh start with a more competitive cost structure to preserve a future for the workers who remain.
The conservative think tank The Heritage Foundation, tips it’s hand in this clip from Fox News:
The auto industry is doing really well in countries where gas is incredibly expensive, and labor here is unfairly impacting competition world wide? Who would have guessed we would be riding an American car in that race to the bottom?
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