The Institute for Principled Policy takes the following public position: We are opposed to the United States Government’s proposed or attempted bailout or loan to the 3 American based automobile companies of Ford, GM, and Chrysler.
We do not believe that it is the role of the federal government to provide financial oversight, to create a car czar, or to take over control of private industry or business. To do so would be a major step toward socialism. This is exactly what Karl Marx advocated the role of government to be. We believe the role of government is to defend its citizens, to punish evil-doers, and to make good laws.
The government has laws that cover this type of situation and those are the bankruptcy and chapter 11 laws. We, however, are open to other creative ideas that could stimulate the purchasing of American-made automobiles, such as reducing taxes of those in the automobile industry including state sales taxes. We could also support higher tariffs or taxes on imported parts and automobiles in order to alter the competitive balance.
The problem with this though is that most of our American-made automobiles use many foreign made parts. We believe there must be better answers to this dilemma than the ones proposed by Congress. We salute those Republican Senators who are listening to the American people and opposing governmental intervention in the private sector.