The US Auto Industry Bailout Bill
I’m sure you’ve all heard of the enormous amounts of media coverage revolving around the Congressional bailout package for the US Auto Industry to prevent them from going bankrupt. The amount has change from $25 billion to $14 billion, but it is still a substantial amount the Auto Industry is asking of us to lend them. I am torn between the two sides of this issue.
Economic Stability
This bailout is just a loan to major auto makers of this country and would help provide stability for our economy. They are going to be paying back this money and there would be strict government regulations put into place to ensure that they start producing more eco-friendly vehicles including hybrid and all-electric vehicles. Another ramification is that if any or all of the top auto makers in our country went under, it would leave any already fragile economy is a horrible state. This seems drastic, but it could even push us into a depression. The ramifications of something like this happening could be devastating.
More Eco-Friendly Cars
I would hate to see our economy hurt even worse, but part of me wants these companies to go out of business because of their failed attempts at keeping up with the time. They have failed to show that they can make car efficiently and on top of that they haven’t shown that they can produce an affordable, production ready eco-friendly vehicle. If we do give them this money, will they really strive to be more innovative like many other small more innovative smaller auto companies? I don’t think so. I really would rather our country provide more loans to smaller American companies like Aptera and Tesla who are the leading edge of the auto industry. With more funds, these smaller companies could make a production ready car that would nearly eliminate our dependency on oil. Whether it be electric, hydrogen or some other type of energy to run vehicles off of, many would be welcome to the change.
This is an extremely complex issue that is a lose-lose no mater which happens in my opinion. How do you feel about this bailout bill and do you think these companies deserve this money?
