(Angus Reid Global Monitor) – Adults in the United States are disappointed with the federal government’s decision to take ownership of automaker General Motors and provide $30 billion U.S. in additional bailout funding, according to a poll by Rasmussen Reports. 53 per cent of respondents believe the course of action is a bad idea.
(Angus Reid Global Monitor) – Adults in the United States are disappointed with the federal government’s decision to take ownership of automaker General Motors and provide $30 billion U.S. in additional bailout funding, according to a poll by Rasmussen Reports. 53 per cent of respondents believe the course of action is a bad idea.
Since 2007, defaults on so-called subprime mortgages—credit given to high-risk borrowers—in the U.S. caused volatility in domestic and global financial markets and ultimately pushed the U.S. economy into a recession. A recession is defined as two consecutive quarters of negative growth. The crisis has affected the global financial and credit systems, and triggered layoffs in companies around the world.
Last year, representatives from the big three North American automakers—Ford, General Motors and Chrysler—appeared before the U.S. Congress to request federal assistance to keep the industry operational.
In December 2008, then U.S. president George W. Bush approved a bail-out plan, which would provide loans of $17.4 billion U.S. to General Motors and Chrysler. Bush stated that, under present economic conditions, "allowing the U.S. auto industry to collapse is not a responsible course of action."
On Jun. 1, General Motors filed for bankruptcy protection. U.S. president Barack Obama announced that the U.S. government would make an additional investment of about $30 billion U.S. in General Motors, adding, "We’re making these investments not because I want to spend the American people’s tax dollars, but because I want to protect them. (…) We are acting as reluctant shareholders—because that is the only way to help GM succeed."
Republican National Committee (RNC) chairman Michael Steele decried the decision, saying, "It is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll [Obama’s] presidential campaign."
Polling Data
Was it a good idea for the federal government to take ownership of General Motors and provide $30 billion in additional bail-out funding?
|
Yes |
26% |
|
No |
53% |
|
Not sure |
22% |
Source: Rasmussen Reports
Methodology: Telephone interviews with 1,000 likely American voters, conducted on Jun. 2 and Jun. 3, 2009. Margin of error is 3 per cent.
