Yet another industry asking to be bailed out.


tattedupboy

Thank God I'm alive!
I saw this coming when Congress approved the $700 billion financial industry bailout. Now the steel industry is asking for a bailout of its own, which of course the Democrat-controlled Congress will grant. Does anyone realize what all these bailouts are doing to both the deficit and to the value of the dollar?

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With hundreds of steelworkers laid off across North America, the industry faces an uncertain future and is looking for solutions.

Steel officials are encouraging President-elect Barack Obama to focus much of multibillion-dollar economic stimulus package on new infrastructure projects.

It's a plan local union officials also support.

Jim Robinson, District 7 director for United Steelworkers, said the international union will demonstrate in support of a strong infrastructure bill over the next month.

"We think there should be a very strong stimulus, it should be big, and there should be strong 'Buy America' provisions in it," Robinson said. "We believe Obama's on the right track by targeting infrastructure, which will get people to work quickly and result in projects that will require a lot of things to be made."

Robinson, whose district represents more than 18,000 steelworkers from northern Indiana to southwest Chicago, said it's important for steelworkers to make their presence known during the debate in Congress over the measure.

"We want to be vocal about the need for getting manufacturing in this country moving," Robinson said. "We need to be based on a real economy, instead of the manipulations of markets, which is what got us into this mess."

The American Iron and Steel Institute has met with Obama's transition team and published an open letter to Obama on its Web site. The Washington, D.C.-based institute represents 31 steel makers, including Nucor Corp., U.S. Steel Corp. and Steel Dynamics Inc.

The letter details several policy objectives, including an investment in America's transportation infrastructure, specifically bridges and roads.

Obama has called his rescue plan "the largest new investment in national infrastructure since the creation of the federal highway system in the 1950s."

Most of the plan is old-fashioned construction and repair, much of which would be done by union laborers. Obama wants to target projects deemed "shovel ready" -- meaning the design and permitting has been completed and the projects would be ready to launch within 90 to 120 days of being funded.

Steel took a wild ride in 2008 as prices reached record highs in the spring. But demand has dropped and output has plummeted 50 percent since September.
 

HK4U

New member
Of course. No limit to the money the government can throw away. They tax payers are not paying in blood yet.
 
G

gpbarth

Guest
Well, our wonderful government is trying very hard to make us bleed. They just suggested a 50% increase in the federal gas tax because they don't have enough money to repair the nation's highways. Gee! I wonder where all that money is going?

The American Revolution started when the colonists were over-taxed to the point of rebellion. Looks like it's happening again. Could that be why the government is trying so hard to dis-arm all of us?

Off to Wally World for another 500 rnds. of .40 S&W ammo.
 

tattedupboy

Thank God I'm alive!
Of course. No limit to the money the government can throw away. They tax payers are not paying in blood yet.

Slight correction. What you should've said was that there is no limit the Democrats believe the government can give away.
 

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