In wagging his executive finger at Ford and GM's financial troubles, President Bush told the Wall Street Journal that the nation's auto companies can forget about any bail-out help from the White House. What they need to do, he said, is learn to "compete with other manufacturers that are able to deal with costs in a different way than they are, as well as coming up with product that is relevant."
Very good point, Mr. President. But perhaps the CEO of our nation's government might apply the same tough-love demands for competition, cost controls and relevant products from, say, the nation's government?
The federal government went into the red for $319 billion in 2005. That's 37 times the $8.6 billion that GM lost in 2005, its first annual loss in 14 years.
The federal government, on the other hand, has been losing very serious money for all but four of those same 14 years. And all the profitable years were during Clinton's administration.
GM and Ford are making sweeping changes in how they do business.
Is CEO Bush?
..............
Factcheck.org: Half a trillion dollars is the most ever, but several others have been worse relative to the size of the economy.
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