Context
Thus far the poor economy has not affected me much, as both my husband and I are employed and don't plan on retiring soon. However, I keep an eye on the price of gas as an economic indicator. It's falling like a rock around here, down below $1.70 a gallon in some places.
Commentary
In some ways I know falling gas prices are like the silver lining to the current economic situation, but even when it benefits us personally deflation is a problem in a free market economy. It indicates a lack of demand, which indicates a lack of growth, which leads to more job loss and credit problems.
So this got me thinking about who else in the United States' economy is dealing with falling demand. The Big 3 auto companies who are requesting a bailout from Congress, that's who. And this is not just an economic indicator to me. I have an emotional connection to the fate of General Motors because my dad worked there from the time he left the Air Force until his retirement over 30 years later.
Ever since I became an adult I've looked at GM differently than my dad, because he was a Republican and I'm so liberal that even the Democratic party doesn't satisfy. He died several years ago so I can't ask, but I imagine he would feel some ambivalence about the proposed buyout. He'd probably be generally in favor of it but have some choice words on the side for corporate folks who had mismanaged the company into this position in the first place. He might have even loaned a slightly sympathetic ear to the people who say General Motors should declare Chapter 11 bankruptcy just for the opportunity to stick it to the United Auto Workers. By the way, as the daughter of an executive, it's weird for me to see management and labor so united on something. Well, sort of. This is the UAW's take on the situation.
Anyway, that was my speculation about what a specific conservative would think, here's what this specific liberal thinks: government should not be helping business; it should be helping people. A lot of the pro-bailout rhetoric emphasizes that helping the Big 3 would help people, but I'm not completely convinced. At the very least, I would not hand automakers a blank check, either in terms of amount or conditions. When I'm in a really ticked off mood I think, "if this industry is so important to our nation's wellbeing we should nationalize it." So there!
In the end I'm hoping for one relatively minor silver lining to this whole mess. As a government employee, I'm sick to death of people saying my agency should be run more like a business. So at least I can say to the next person who proposes it, "like what business? GM?"
What did you see today?
11/22/2008
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