Sunday, November 09, 2008

On the Wrong Foot

Update: I think I'm going to pass out..

Much has been made of Obama's first cabinet member Rahm Emanuel. As a new administration comes in, I step back and wait to see what is done and what isn't done.

After all his "middle class" hype, and accusing McCain of serving corporate interests, I'm highly disappointed to see Rahm's first order of business be yet another bailout. I understand the risks of letting GM go under, but I have some questions for Rahm, Harry and Nancy:

1. Do we have a guarantee that if we bail GM and the auto industry out, they won't go under anyway?

2. Do we have a guarantee that they will be able to pay the government back?

3. With a trillion plus deficit is it really good policy to promote a bailout for which we as a country have to borrow the money from the IMF or even worse, not so friendly countries?

4. Will the government bail me out of my student loans? That would certainly help me spend more money

5. What the heck happened to protecting the middle class, and all those "kitchen table" discussions?

6. Do we have a plan for all the unemployed workers should this bailout if passed fail?

I'm sorry, but with the economy in shambles, people strapped for money, three corporate bailouts and counting, when are the Democrats going to focus on the little guy? I say let GM and everyone else go. Focus on the long term; be proactive for a change instead of reactive.

The US as a country needs to find a new industry it can call its own. It has to be an industry that cannot be replaced by machines. The auto industry lost its fight long ago, when exports became of better quality. Design a plan Mr. President Elect that will move us forward in the long term, even if we have to gird our loins in the short term. It will be a better legacy than another bailout, that more than likely will fail while increasing our debt.