According to a CBS News story I watched last night, that "$70 an hour" figure being tossed around for UAW-built cars at GM actually INCLUDES the costs of GM's retirees, which this story estimates to be about $35,000 a year per active UAW worker. So that part of the "$70 an hour," the current worker never sees in HIS pay or benefits.
But it IS a cost of labor to GM, and labor is labor, past or present. Had GM allowed for the costs of these retirees at the time the costs were accruing--that is, while these retired workers were still working--and put the money away then, we wouldn't be talking about whether or not to bail them out now...because that $35,000 per active worker per year would've been put away to cover the retirement costs, and not have been paid out as mulitmillion dollar bonuses to executives in years past.
And remember, not all UAW workers for the suppliers to the Big Three get the same type of retirement plan. I worked for a Tier 1 supplier under a UAW contract, and our retirement under our UAW contract was a 401(k) plan, not a defined-benefit pension. We didn't have a "job bank," either.
Anyway, here's a link to that CBS video...unfortunately, they stuck a 30-second ad in front of the actual news video, so be patient.
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Today's Featured Article - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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