MARYLAND SENATOR OFFERS BILL TO PARTIALLY SUBSIDIZE STRUGGLING INDISTRY

A number of South Carolina newspapers on the verge of collapse received welcome news today that U.S. Sen. Benjamin Cardin (D-Md.) has proposed legislation that would help bail out the dying industry.

Cardin’s bill would partially subsidize newspapers by granting them tax-exempt status. The only requirement is that they can no longer make political endorsements.

Advertising and subscription revenue would be tax-exempt, and contributions to support coverage could be tax deductible.

Cardin said in a statement that the bill is aimed at preserving local newspapers, not large newspaper conglomerates.

“We are losing our newspaper industry,” said Cardin. “The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy.” [AP]

Apparently Cardin doesn’t exactly understand how capitalism works.

If your business model sucks, you will fail. It’s that simple. You either adapt or go under.

I know this is extremely Darwinian, but if newspapers can’t survive in the 21st Century marketplace, then it’s time for them to fade away and let someone else fill the void.

Bailing out one crappy industry after another will not work. And it should really piss off those of us who pay our taxes, work hard, and don’t ask for handouts.