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Are Trucking Companies next on the list for Bailouts?

May
18,
2009
2

Trucking firm, YRC Worldwide, Inc., has applied for a governmental bailout seeking $1 billion in federal money to help relieve pension obligations.  Last month, the company reported a first quarter loss of $415 million, and states that the $1 billion in relief money would help them cover the cost of an estimated $2 billion in pension payouts over the next four years.

Many oppose the plan citing that the so-called stimulus plan is not working and it’s already giving undue power to the government, in areas where it does not belong – i.e. auto makers, banks, etc.  Many experts believe that YRC has no chance in receiving the bailout funds anyway, but the mere application by the trucking company opens the door for many other companies and organizations to seek bailout assistance from the Federal Government, throwing our country more into debt than we are already capable of handling.

On the other hand, some groups believe it is quite possible for the firm to receive the billion they are seeking.  Why?  Because the problem with YRC is not its trucking company, but its union pensions.  Politicians work for big special interest groups.  Unions are some of the most vital groups that Democrats have.  Therefore, some believe that the Democrats will want to bailout unions, just like the Republicans sought to bailout banks.

With our country slipping into bankruptcy and the furthering of building big government as their top priority, many people wonder “will this bailing out scenario ever end?”

Allen

© 2009, Allen Smith. All rights reserved.

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By: Allen Smith

Allen Smith is a 37 year veteran who started at an early age in a household goods family moving business. He began driving straight trucks in 1977 and moved to the big rigs in 1982. His experience within the industry includes; owner operator, company driver, operations manager, and owner of a long distance HHG moving business, taking many of the long haul moves himself when needed. Allen Smith, a truck driver advocate who is driven by the desire to help others succeed within an industry where injustice, unrewarded sacrifice, and lack of respect and recognition exists. Allen and his wife Donna are hosts of Truth About Trucking ”Live” on Blog Talk Radio. Other websites include AskTheTrucker, TruckingSocialMedia, NorthAmericanTruckingALerts, TruthAboutTrucking, and many Social Media websites. In 2011 Allen and Donna hosted the first Truck Driver Social Media Convention, designed to create unity and solutions for the trucking industry. This is now being extended through the North American Trucking Alerts network as those within the industry join forces for the betterment of the industry. Allen strongly supports other industry advocates who are also stepping up to the plate to help those who share honesty, guidance and direction. He believes that all those involved in trucking need to be accountable for their part within the industry, including drivers, carriers, brokers, shippers, receivers, etc… The list of supporters and likeminded people grow daily, networking together and sharing thoughts and ideas for the betterment of trucking. He has coined the popular phrase "Raising the standards of the trucking industry"

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2 Responses to Are Trucking Companies next on the list for Bailouts?. - Post a Comment

  1. Ryan smith

    I read this same article over 1 week ago on a different site, interesting topic tho.

    Ryan smith
    (the best trucker in the world)

  2. Allen Smith

    Hi Ryan: Yes, I read it about a week ago also on a news site … Allen

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