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Hastings opposes auto bailout
In recent weeks, Congress has debated a taxpayer-funded bailout for the Big Three auto manufacturers. After careful consideration, I could not vote for the proposal because I oppose handing over $14 billion more in taxpayer dollars to bail out and increase government control over private businesses.
In the rush to try and jam a bill through Congress, there was never consideration of any approach other than giving billions of dollars from the taxpayers to the auto industry for implementing stabilization plans that have yet to be developed. That’s not the right way to develop economic policy, especially with taxpayer money at stake.
I recognize the very real economic difficulties that American businesses are facing – including those connected to the auto industry. There is no question that action must be taken to protect jobs and make the American auto industry once again competitive. Without real reform, innovations and a dramatic shift in business practices, the industry will continue to falter. However, these changes need not be dictated by federal bureaucrats or funded by American taxpayers.
The plan put forth by Congressional Democrats would provide a car-czar with practically limitless power to spend billions in taxpayer dollars in the name of fixing the auto industry. The plan does nothing to control costly mandates that the federal government has imposed on the auto industry – and may in fact result in more stringent regulations.
It remains unknown just how much the auto industry might need in the end – or if any amount of money will actually enable the Big Three to stabilize. I’m concerned that a bailout will not simply be a short-term shot in the arm, but would put the industry on a path toward long-term government control. This could ultimately make it more difficult for auto makers to institute the quick changes needed to adjust to the marketplace – and leave taxpayers on the hook well into the future.
I’m deeply concerned that multibillion dollar government bailouts send a message to others that the taxpayers will foot the bill – regardless of the cause of the problem or the cost. Bailouts – including the proposed auto bailout – also put the federal government in the business of picking winners and losers.
As future economic policy is developed, Congress must always make protecting taxpayers a priority and keep the proper role of the federal government in mind.
— Congressman Doc Hastings
