Thirty-eight years ago, the federal government nationalized passenger rail lines, creating the National Railroad Passenger Corporation, better known as Amtrak.
At the time, it was expected to be profitable within three years. Almost 4 decades later, the original $340 million investment of public funds has grown to $30 billion, with no profitability in sight.
On Monday, General Motors was forced to declare bankruptcy.
No matter how much the President spins GM's bankruptcy as good for the economy, it is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign.
President Obama will now own 60 percent of GM, and his union buddies will own almost 20 percent. And what do we -- the American taxpayers --get? We're stuck with up to a $50 billion tab for the taxpayer dollars Obama is using to pay for his takeover of GM.
General Motors needed restructuring, and it has been clear for months that bankruptcy was inevitable. But instead of letting the company cut its losses, the Obama Administration has strung the process along, politicizing it at every step.
With an Administration with almost no business background and with zero experience in the auto industry calling the shots, Obama has seized the opportunity to feather his UAW supporters' nests and dictate the type of cars GM will now build -- not consumer desired, profitable vehicles, but tiny, "eco-friendly" cars whose lack of safety will endanger Americans' lives.
Now, instead of emerging leaner and meaner, GM has fallen into the same trap as Amtrak -- all to benefit the Big Labor bosses who helped Obama into the White House with union workers' dues.
Since when does the American government choose the market's winners and losers? Since when does the White House decide what model of car Americans must buy?
Britain nationalized its automotive industry in the 1970s to disastrous result -- the government-run, union-saddled companies were finally sold off again under Margaret Thatcher after years of dismal performance.
But Barack Obama and his henchmen have no desire to learn from the past -- they are too eager to get government control of America's means of industrial production -- regardless of the consequences. Were Karl Marx alive today, he couldn't be prouder.
First it was the mortgage and banking industry, then automobile manufacturing. Next up are health care providers and energy producers. What's next? Whose businesses will they takeover next? Where does it end? The Democrats want to control every facet of your life.
Americans shouldn't be fooled. This is the real 'change' President Obama has in mind for America -- government ownership of our economy financed with irresponsible and reckless government spending and debt and no jobs to show for it.
This is a very sad day for the autoworkers and their families whose financial well-being will be directly affected by this clear act of an overreaching UAW and overbearing government.
That is why I'm again asking you to continue your support of the Republican Party. We are determined to resist the Obama Democrats' socialist takeover of our free markets and erosion of our economic liberties.
Please stand with us by making a contribution of $1,000, $500, $100, $50 or $25 to the Republican National Committee today. Your gift will fund our efforts to inform the American people of the Democrats economic overreach and support the recruitment and election of principled, free market Republican candidates who will defeat the Democrats and return sanity to government.
The viability of private enterprise and future prosperity of America are at stake. Please support the RNC today.
Sincerely,
Michael Steele
Chairman, Republican National Committee
P.S. , you and the Republican Party are all that stand between Barack Obama and the realization of a socialist's dream. That's why I hope you'll take this opportunity right now to support our efforts to stop the Democrats' economic takeover and prepare to defeat them in 2010 by making an online contribution of $1,000, $500, $100, $50 or $25 to the RNC today. Thank you.
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