Dodo Bird Economics from Mitt: Cherry Responds

by: LiberalLucy

Thu Nov 20, 2008 at 10:39:53 AM EST

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Mitt "I was born in Michigan, and thus am an expert on the auto industry" Romney continued his anti-worker tirade on CBS News this morning. Sitting in front of a dark and gloomy Boston, Mittens had no answer for Lt. Governor Cherry, who has a letter in today's New York Times responding to Mitt's piece yesterday:

Mr. Romney’s suggestion that our economy would be best served by a Big Three bankruptcy is a breathtaking assertion of economic Darwinism made more shocking by his roots in Michigan, where hundreds of thousands of jobs rely on the auto industry. The Center for Automotive Research reports that if one of the Big Three ceased operations in 2009, nearly 2.5 million jobs would be lost in the first year. Additionally, one year of bankruptcy would result in the loss of $125 billion in personal income, $17 billion in Social Security receipts and $20 billion in personal income taxes. Nonetheless, bankruptcy advocates like Mr. Romney would pile these kinds of losses onto the shoulders of a nation already struggling under the weight of record mortgage foreclosures, a recessionary slowdown across economic sectors, a credit crunch and decreasing global demand for American products.

Mitt just smiled, and repeated the line that "bankruptcy doesn't mean closing down," when nearly every study shows that bankruptcy would lead to an immediate Chapter 7 liquidation for GM. Mitt doesn't even mention the retirees who put in their service to the automakers, and who would be left behind through no fault of their own by failing to help the Big Three now. Mitt may think the auto industry can be cured by a smile and a sharp haircut, but our Michigan leaders like Lt. Governor Cherry, Governor Granholm, Senators Levin and Stabenow, and Congressmen Dingell and Levin know better. Let's hope Congress sees the truth in Lt. Governor Cherry's words.

Speaking of everyone else, did I miss a mass rush of economic degrees granted nation-wide in the last two weeks? How is it that every slick Dick, Tom and Harry who sits in a lofty perch now a qualified expert on our economy? How do they all of a sudden know what's best for our state? Does our Auto Industry need to be fixed inside and out? Absolutely, and I don't think there's one person who would disagree. But not granting Ford, GM and Chrysler a bailout of $25B after granting $700B for the fat cats on Wall Street is hypocritical at best, and unethical and criminal at worst. Saying 'no' to the Big Three/Detroit Three/Our Auto Industry, is akin to flipping Michigan the bird and as our state all but collapses. Can they really just let an entire state drown?

The Lt. Governor is right, Mitt Romney's suggestion is nothing but economic Darwinism, and while he personally might not be heading the way of the dodo bird anytime soon, his words and actions certainly reflect that he's certainly not any smarter than the dodo bird. Let's hope that higher, much more intelligent powers prevail, and do it in the best interest of our state.