What would be the point? It would be like Mickey Mantle’s liver transplant; it wouldn’t give GM, Ford and Chrysler a chance at new life, it would only prolong their agony. Giving them billions of dollars now merely allows them to put off the final reckoning and avoid facing the real problem: as these companies now exist, they cannot compete and will never be able to compete. Investor’s Business Daily‘s Michael Ramirez captures their situation with his usual pointed wit (click to enlarge):
When your labor costs are 55.6% higher than the other guy, that’s the kind of disadvantage you’re facing—it’s not something you can overcome, no matter how hard you try. As far as I can see, the only thing that will change this situation is when (not if, when) the Big Three declare bankruptcy and reorganize. Yes, that’s a bad solution. Yes, a lot of people will be hurt by that. Unfortunately, there aren’t any better options, and the sooner these companies take their medicine and file, the less bad it will be; delaying the inevitable will only make it worse when it finally happens.
