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Richard Ebeling: The Best Bailout that Money Can Buy
Monday, 24 November 2008 08:50

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This past September, Congress already approved a $25 billion subsidy to the Big Three under the guise of investing in improved fuel-efficiency technologies for the next generation of cars and trucks. The Department of Energy soon will disperse these funds.

The Detroit automakers no doubt expect they will also receive billions more. After all, they’ve paid for it. According to OpenSecrets.Org, which tracks lobbying expenditures by special interest groups, the Big Three auto companies have spent millions winning friends and influencing people in Washington.

Just in the first half of 2008, for example, GM spent $7.3 million on Washington lobbying activities. Ford shelled out $3.8 million and Chrysler some $3.3 million. In the last 10 years (1998-2008), GM, Ford and Chrysler spent a total of $228.4 million — nearly a quarter of a billion dollars — lobbying Washington. Out of the total, GM spent $92.9 million, Ford more than $78.6 million and Chrysler $56.9 million.

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