Established 1826 — Oldest College Newspaper West of the Alleghenies

Auto industry bailout should be separate bill

The financial crisis continues to chip away at the American economy-its latest victim: the automaker. Congressional Democrats are pushing to send an immediate $25 billion loan, dipping into the $700 billion bailout, to the auto industry. The big three, General Motors, Ford and DaimierChrysler argue that they will not be able to stay afloat and compete in the auto market unless they receive some financial backing from the federal government. However, Republicans are weary to allocate money to the auto industry, asking when will it stop? The editorial board of The Miami Student believes that the auto industry should receive financial help; however, it shouldn't be a part of the original $700 billion bailout plan. Instead, it should be proposed in separate legislation and presented before Congress.

The original bailout specifically addressed the financial industry. Redistributing funds from the original bailout to the automakers appears as a backdoor approach. This leads to an even greater problem-when will it stop? Every facet of the American economy has been hit by this financial crisis. Taking money from the $700 billion bailout to shore up the automakers' economy isn't fair to the airline industry that is also in desperate need of Washington backing. By appropriating money to automakers, there could be a snowball effect where every industry impacted by the financial disaster begins to ask for money.

A separate bill to tackle the auto industry needs to be presented. It could specifically address its concerns without tacking itself onto the financial bailout. American jobs and families depend heavily on the viability of the auto industry. It also must include money for research, so the American automakers can compete with international competitors. However, the bill must be passed with expediency not waiting for partisan politics to come into play. The industry needs federal help; it just shouldn't be at the expense of the financial bailout passed in October.