Automaker Bail-out Justifications

Here is my attempt to capture all of the justifications that have been proffered regarding why U.S. taxpayers should bail out the auto industry.

+ It is not a bailout, it is a loan

+ We produce vehicles for defense, therefore national security depends on it

+ Taxpayers would have to pay at least $3 billion annually in the event that the Big
Three automakers -- General Motors, Chrysler and Ford -- have to file for bankruptcy and no longer pay for retiree health care, United Auto Workers President Ron Gettelfinger said on Tuesday during a Senate Banking Committee hearing

+ One in 10 American jobs depends on U.S. automakers

+ Nearly 3 million jobs are at immediate risk

+ U.S. personal income could be reduced by $150 billion

+ The tax revenue lost over 3 years would be more than $156 billion