GM's pension plan was drawn up in the early 70's and it was assumed people would work until they were 62 and would probably be dead by the age of 67 or so. What they didn't plan on was guys retiring at 49 and living until they were 82 and their wives living until they're 92. Paying somebody $50,000 dollars in wages and benefits to not work for 30 more years after they retire is not only absurd but will eventually put a company out of business and it has. They went bankrupt.I just watched a special on GM and they talked about this very subject and how the union and GM managment realized they had created a monster after they came up with it. To show you how ridiculous it is the average GM retiree is making more money in wages and benefits here in Michigan than the average working family! We have people all over around here including my own family that are completely off the grid and making much more money than the people that are working.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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