CFA Letter in Opposition to the Auto Bailout

Tuesday, November 18, 2008 6:03 PM

Congress will likely take up the issue of a bailout for Detroit tomorrow, with the senate looking to try to couple it to at least an extension of unemployment benefits, and if possiblemore misguided "stimulus" spending.

CFA has already sent a letter to Members of Congress yesterday urging them to oppose a bailout for Detroit automakers - it's a bad deal for taxpayers and will do nothing to address the underlying problems faced by unionized labor.  As ATR president Grover Norquist has pointed out:

"The idea that a government bailout can increase wealth is equivalent to the idea that you can take a bucket of water out of one side of a lake, walk to the other side of the lake and call a press conference to watch you pour the water back into the lake and announce your successful project to raise the water level of the lake.  A taxpayer-funded bailout for Detroit automakers will only serve to maintain the untenable status quo, and delay the inevitable."

Click here to read CFA's letter and stay tuned for updates.

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