As expected, General Motors filed for bankruptcy this morning, and the increasing pace of public support for the failing company is getting a Bronx cheer from the public. Only 21% of voters nationwide support a plan for the government to bail out General Motors as part of a structured bankruptcy plan to keep the troubled auto giant in business. The latest Rasmussen Reports national telephone survey finds that 67% are opposed to a plan that would provide GM with $50 billion in funding and give the government a 70% ownership interest in the company.
Even when presented with the stark choice between providing government funding or letting GM go out of business, only 32% of voters support the bailout. Most voters (56%) say it would be better to let GM go out of business. That is a resounding vote of disapproval for a policy that points to endless subsidies for a company whose future is still dicey, despite the public investment of $20 billion, with $30 billion to come.