U.S. Chamber worried about Obama GM Plan

Do we really want the Obama Administration and its union allies running a car company?

Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce, issued the following statement today on the announcement that GM has filed for bankruptcy and will require at least $30 billion more in taxpayer dollars:

"Our biggest concern with the restructuring plan announced today is the potential for governments and unions to influence production, product, workforce, and management decisions in ways that could jeopardize the automakers' chances for survival, put politics and special interests above sound business strategy, and disrupt our nation's trading relationships across the world.

"For example, the UAW has said that it pressured GM to change where the company plans to produce a new line of smaller cars. And as part of the GM restructuring, the administration has reportedly closed the U.S. market to Opel and blocked Opel's forays into China so it could not compete with GM -- clear examples of market manipulation and protectionism.

"If members of Congress, along with government officials from the United States to Germany to Canada, are allowed undue influence over management's decisions, then you can write this down: These companies will not return to profitability and their survival will be seriously challenged. The global talent that exists in the automotive sector must be allowed to do its job and be paid on a competitive basis. Management must be permitted to make tough decisions in a competitive global market without political interference.

Read the full statement at the link below:

U.S. Chamber Comments on Auto Restructuring