Posted by Eric SEI on November 04, 2007 at 17:44:27 from (74.215.36.88):
In Reply to: Re: RANT...My Turn posted by ldj on November 03, 2007 at 17:13:18:
Back in the 40's and 50's the American car companies promised their workers pension and retiree health insurance, but instead of setting money aside then, they planned to pay out of future profits. That is why their costs are so much higher than Toyota's today. Toyota may be playing the same game, but they have not been here long enough to have retirees. In Japan everyone is in a government run pension plan, the employer does not contribute anything.
Studebaker actually did set aside money to cover future pensions, but did not set the plan up as a vested retirement plan. The New York moneymen decided that looting the pension fund was more profitable than building cars, so they shut down Studebaker, which was turning a profit at the time.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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