The US auto company CEOs just arrived in Washington, DC -- this time sans private jets -- to make their ask again (I think it’s up to $32 billion this time, just to stay in business). My environmental colleagues are rightly upset that there seems to be a deal coalescing that will give these companies bridge loans with no environmental conditions attached. The auto executives’ argument here is that these companies are too big to fail, that they have too many employees plus the workforce of the myriad related industries, to let them fall into bankruptcy.
But let’s think about it a different way. If Congress were to let them fail, and perhaps just come up with a package that provides long-term unemployment and retraining benefits to the employees, here is how the world might be a better place:
So think about it Congress, you could save lots of money and stop lots of bad things from continuing to happen at the same time. Do we really want to do this bailout? Or should we let evolution run its course, and let these proverbial dinosaurs go the same way as the literal ones.
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