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December 16th, 2008

Most Americans Oppose Auto Bailout

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Two new polls continue to show that most American adults oppose using taxpayer money to bail out the Detroit Three. A Gallup poll finds us split fairly evenly:

According to the same survey, Americans are about evenly divided over the merits of the failed bailout package: 47% say they would rather have seen the legislation pass, while 46% preferred that it fail.

Most Democrats support the auto bailout, while most Republicans and half of independents oppose it.

And a Washington Post-ABC News poll finds an even starker split:

Most Americans continue to oppose a government-backed rescue plan for Detroit’s Big Three automakers as majorities blame the industry for its own problems and are unconvinced failure would hurt the economy, according to a new Washington Post-ABC News poll.

Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors executives pitched to Congress last week, on par with public opposition to earlier, pricier efforts. But with 42 percent support, the new request for up to $14 billion in emergency loans has more backers than previous proposals to secure up to $34 billion in loan guarantees.

But as with the earlier bids, those who strongly oppose the measure greatly outnumber those who are strongly supportive.

Opposition to the automaker bailout is fueled by the widespread perception that the companies themselves are responsible for their predicament, not the faltering economy. In the new poll, three-quarters of Americans said Detroit’s woes are mainly the fault of its own management decisions, and a sizable majority of those who blame the front office object to government help.

One also finds in the ‘internals’ of the poll (PDF) that

Among other groups, perhaps surprisingly, the loans are opposed by 53 percent in union
households as well as by 56 percent in families without a union member.

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One Response to “Most Americans Oppose Auto Bailout”

  1. Forex scalping Says: December 17th, 2008 at 10:09 am

    Of course people oppose using taxpayer money to bail out the Detroit Three. Why should they pay for other’s errors?

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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