Does freedom include freedom to fail?
The president said he is “happy to look at” bills before Congress that would give struggling news organizations tax breaks if they were to restructure as nonprofit businesses.
“I haven’t seen detailed proposals yet, but I’ll be happy to look at them,” Obama told the editors of the Pittsburgh Post-Gazette and Toledo Blade in an interview.
Sen. Ben Cardin (D-Md.) has introduced S. 673, the so-called “Newspaper Revitalization Act,” that would give outlets tax deals if they were to restructure as 501(c)(3) corporations. That bill has so far attracted one cosponsor, Cardin’s Maryland colleague Sen. Barbara Mikulski (D).
White House Press Secretary Robert Gibbs had played down the possibility of government assistance for news organizations, which have been hit by an economic downturn and dwindling ad revenue.
I recognize that we don’t let constitutionality get in the way of a good bailout any more but I wonder if Congress actually has the power to give the newspaper business a hand.