Remember President Obama’s state of the union address when he said that there would be “no more bailouts, handouts or copouts!” Remember that? I sure do because I was impressed and was fully behind Obama on that.
So, I turn on CNN this morning to see Obama speaking in Detroit to autoworkers. You’ll never believe this… he’s now on television praising the bailout! That’s right and he also stated that the American auto-industry is a “symbol of innovation and knowhow.” Bu-da, bu-da, bu-da…. what!!?? I am dumb-founded.
First, the American auto industry is a poster child for the lack of innovation, poor product design, shoddy production, and a product that people don’t want. Personally, I thought the auto bailout was a terrible idea and the government would have been much better off giving the bailout money to the state of Michigan to invest in continuing education for adults, new skills training for laid-off workers, new technology start-ups, a Tesla factory perhaps, etc.
Now, I certainly don’t want to see manufacturing die out in the US. The detriments of a service based society are abundantly clear but we cannot afford to support poorly managed companies and failing industries.