I’m glad to see there is a little rebellion under way in Congress over the plan to bail out the Big 3 U.S. automakers.
I understand one or more of them might go out of business without some sort of relief.
I understand there are hundreds of thousands of U.S. jobs at stake.
I understand that the U.S. needs to maintain a manufacturing base, if for no other reason than national security.
I understand all that.
I am sympathetic.
However, there is a problem with transferring billions of dollars of American taxpayer wealth to private corporations. It’s illegal and unconstitutional. It is the very antithesis of American ideals. It is stealing.
Furthermore, it won’t work. It will only lead to more bailouts and more theft in the future – and the end of free enterprise as we know it in America.
So, I have developed my own bailout plan. It doesn’t transfer any wealth, directly or indirectly, to the three U.S. automakers. It doesn’t break either the letter or spirit of the law. And, I guarantee it will work. It will save the American auto industry.
Are you ready for the Farah bailout plan?
Instead of taking billions of dollars from the American people and transferring it to the Detroit automakers, we offer the American people a good deal.
Beginning Jan. 1, and continuing for an indefinite period of time, until Congress acts to overturn the plan, the U.S. government offers an income tax credit of $5,000 to anyone who purchases a brand new American-made automobile.
If this plan were in effect today, I would be buying tomorrow.
How about you?
Detroit’s financial woes would be history in 30 days.
The U.S. automakers would be flush with cash and reinvesting in the production of more cars and trucks to keep up with demand.
Now, here’s the catch: This must be done by Congress without strings attached. We can’t let Barney Frank and Chris Dodd, the maestros of the mortgage industry collapse, have anything to do with micromanaging the auto industry the way they did with banking.
This is a big catch, of course. Because the reason the bailout schemes are so attractive to politicians is because forking over your money empowers them. Putting money back in your pocket does not.
There’s another facet to my bailout plan. But this one is so far-fetched given the makeup of the current U.S. Congress and the one that will succeed it, I can’t even imagine, in my wildest dreams, that they would ever follow this simple advice. I hesitate even to bring up something that makes so much sense. It is like casting pearls before swine (and I refer here not to you, dear reader, but to most members of Congress).
Congress needs to lift all the unfounded mandates on U.S. automakers – especially those that require certain fuel to be used and those that demand levels of fuel efficiency.
Let the marketplace decide. That’s what we do in America. I don’t want to know how big my carbon footprint is when I buy a car. I don’t even believe in carbon footprints. This is the kind of nonsense Washington is demanding from people who make some of the best cars in the world, and it is what is driving them out of business – and the rest of us to the poorhouse.
Let me know what you think.
Are you with me on this?
I came up with this plan in all of 15 minutes.
It could be in place by Jan. 1.
Tell me what you think.