Trade and economic policy is one area where Obama and I don’t see eye to eye. Just one week after his historic victory, Obama has announced his support of a taxpayer funded bailout of the American auto industry. BIG MISTAKE!
Let’s face it, American carmakers are terrible at what they do. For over two decades they haven’t been able to figure out how to make a car that people actually want to buy. So why should we pay for their mistakes?
The arguments about manufacturing jobs and the backbone of the American industrial sector are all good and well. But this is a terrible investment. We are subsidizing failure, which will only lead to a continued legacy of incompetence as an industry and as a nation.
It’s high time that we as a country make a commitment to the future. Instead of spending hundreds of billions of dollars supporting ineptitude, we should invest in retraining workers and incentivize entrepreneurial innovation. I’m talking technology, clean energy, and perhaps even a non-combustion car that American’s want to buy.
Check out this great WSJ Article on the subject.