Poll: 61% oppose auto bailout
Survey shows that Americans think federal aid for the Big Three is unfair and won’t help the economy.
NEW YORK (CNNMoney.com) — A majority of Americans oppose a bailout of the troubled U.S. auto industry, according to a poll released Wednesday.
The CNN/Opinion Research Corp. poll, conducted by telephone on Dec. 1-2 with nearly 1,100 people, showed that 61% of those surveyed oppose government assistance for the major U.S. automakers.
The poll comes at a critical time for the American auto industry. Ford Motor (F, Fortune 500), General Motors (GM, Fortune 500) and Chrysler LLC are requesting up to $34 billion in emergency loans from the government amid the weakest auto sales in 25 years and persistently tight credit.
General Motors and Chrysler, burning through billions of dollars in cash, are the most imperiled. All three companies submitted plans to Congress on Tuesday that made their case for funding, and industry executives are set to testify Thursday and Friday as lawmakers debate whether to take emergency action.
But Wednesday’s poll suggests that Americans believe bailing out the Big Three is a bad idea.
A full 70% of respondents indicated that a bailout is unfair to taxpayers.
In addition to being unfair, the poll showed that a majority of those surveyed think a bailout would not help the economy.
Filed under: Auto Industry, Auto Industry Bailout, Bailout, Bailout Opposition, Chrysler LLC, Detroit 3, Detroit 3 Bailout, General Motors, Tax Payer Rip Offs Tagged: | Auto Bailout Opposition Grows, Detroit 3 Bailout