It’s more than money

It’s more than money

Back when the phrase “a billion here and a billion there and pretty soon you’re talking real money” was attributed to Everett Dirksen, the opposition by a handful of Republicans against $15 billion in loans for U.S. automakers would have made more sense. In the mid-1960s, Dirksen, an Illinois Republican, was concerned about a national debt that was approaching $328 billion.

Had today’s Republicans taken Dirksen to heart sooner, the deficit wouldn’t have grown from $5.7 trillion when George W. Bush took office to nearly $11 trillion today. Today’s national debt is 33 times that of 1965. Just allowing for inflation, that 1965 national debt should have grown to about $2.2 trillion today. Just allowing for inflation, the 2001 debt of $5.7 trillion should be at less than $7 trillion today.

So the “conservative Republicans” in Congress can spare us the nonsense about how they’re interested in nothing more than protecting taxpayer money. They had years to do that.

Because of them, a billion here and a billion there isn’t real money anymore. It’s paper that they’ve been willing to print and spend for untold pet projects — almost anything other than to save the American auto industry and the jobs of the men and women who work in it.

Ulterior motives

The handful of Republicans who are willing to watch the American auto industry fail aren’t worried about protecting taxpayer interests. Some see this as an opportunity to break the United Autoworkers union. And some are putting the interests of Japanese, Korean and German automakers who have plants in their states above the interests of Detroit’s Big Three.

By their votes, a majority in the House showed that it understands what’s at stake. Had some Republicans not blocked a vote, a majority in the Senate would have voted for the loan plan.

Those majorities know that the American economy cannot sustain the collapse of the American auto industry. They see that encouraging General Motors to file for bankruptcy for want of a bridge loan of $10 billion or $20 billion is insanity.

The White House appears to understand. It is working over the weekend on a plan to use part of the $700 billion financial industry bailout plan to help the automakers. President Bush should act quickly. General Motors, especially, is facing cash demands and economic considerations that militate toward filing for bankruptcy before the end of the month — unless help is assured.

If GM’s bankruptcy is allowed to happen, those who blocked a rescue plan would bear the responsibility for a historic economic meltdown.