More bailouts ahead

Published 9:43 pm Friday, December 12, 2008

At press time Friday, the White House was grappling with whether or not to use money approved in October to rescue Wall Street and banks to aid troubled automakers.

If they don’t get help, the automakers have warned, they will go out of business, devastating an already fragile U.S. economy.

President Bush is now eyeing the $700 billion set aside for Wall Street and troubled banks as a possible rescue for automakers, despite rejection by the Senate.

“A precipitous collapse of this industry would have a severe impact on our economy,” White House Press Secretary Dana Perino said in a statement.

There are more than two million workers, including many in Boykins, who manufacture seat belts for cars, who count on the auto industry for their income. These companies going out of business would be disastrous to more than just their rich and somewhat foolish leaders.

But it isn’t just government that is going to save flailing General Motors and Chrysler LLC. A whole new mindset needs to be adopted by U.S. automakers, including building cars that people actually want to buy. Workers, too, — whether they like it or not — will have to make wage concessions. So far, it has been reported that the United Auto Workers members refuse to take a pay cut as soon as possible to save their companies and their jobs.

Leaders, too, should be willing to forgo ridiculous bonuses and company jets to help the industry get back on track.

Everyone should do his or her part and not count on another bailout to do the trick.