No Bailout

| Fri Dec. 12, 2008 1:18 AM EST

NO BAILOUT....Senate Republicans have scuttled the auto bailout bill. Apparently Democrats and the UAW had agreed to deep wage cuts and work rule changes, but it still wasn't enough:

The automakers would [] have been required to cut wages and benefits to match the average hourly wage and benefits of Nissan, Toyota and Honda employees based in the United States, and the companies would have to impose equivalent work rules.

It was over this proposal that the talks ultimately deadlocked with Republicans demanding that the automakers meet that goal by a certain date in 2009 and Democrats and the union urging that the deadline wait until 2011 when the U.A.W. contract expires.

This is nuts. If you're just flatly against the bailout, fine. Vote against it. But if the wage cuts, along with the debt-for-equity swap that was also part of the bill, were enough to bring you around, why would you cavil at the cuts happening in 2011 instead of the end of 2009? It's only about an 18 month difference, and cutting wages makes a lot more sense in 2011 than it does in the middle of a massive recession anyway.

Another shining moment in the history of the modern GOP. Ideology uber alles.

Get Mother Jones by Email - Free. Like what you're reading? Get the best of MoJo three times a week.