Was GM Saved or Destroyed by Obama?
_Featured_, Economy Tuesday, February 21st, 2012
Has GM really changed their philosophy?
President Obama has been taking the credit recently for the highest profits recorded at General Motors, but he left out a critical truth.
Now in campaign mode Obama is touring the West Coast speaking to millionaires at fundraisers and bragging of his auto industry bailout of 2009. In San Francisco he said, “Today, GM is back on top as the world’s number-one automaker. It just reported the highest profits in the 100-year history of that company.”
What Obama and the mainstream media are not focusing on is exactly how the American auto makers were saved. The White House mandated a 50 percent wage cut on any new GM and Chrysler employees while also cutting the healthcare benefits for current and retired, union and non-union employees. GM has also made it clear they will continue to make additional cuts in jobs, wages, and benefits for its workers worldwide with the help of the United Auto Workers.
Here are additional benefits that the employees will be enjoying: starting wage $14/hour (half what longtime workers received), 19,000 US workers had their pension plan frozen and moved into a 401k with a limited contribution and no guaranteed benefits, workers hired after 2001 do not get any pension plan, a bonus plan was put in place instead of giving raises to salaried employees.
Obama got applause when he said, “American workers, you’re the most productive on Earth. You can compete with anybody. You will out-work anybody, as long as the playing field is level. You can compete with any worker, anywhere, any time—in China, in Europe, it does not matter.”
Sources: wsws.org (1), wsws.org(2)
Photo: H.G. Wood Project Flickr Creative Commons 2.0
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Posted by clnews
on Feb 21 2012. Filed under _Featured_, Economy.
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