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Old 04-14-2009, 12:25 AM   #20
eelfliw
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Join Date: Aug 2003
Location: Mississauga, ON
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Default Re: New GM CEO Not Fazed by Future Competition from Saturn Brand, Peugeot Cited As P

Quote:
Originally Posted by Sival View Post
The main problem is the pension and health care to retirees, take that away and the difference between the transplants and the unionized factories is small.
I wonder if bankruptcy is the only way for GM to get out of its commitment for those rich defined-benefit pension plan?

If so, I feel bad for the retired workers. That was the plan they signed up for years ago and now, through no fault of their own, they lose the pensions. Those plans were unsustainable given today's economy (stock market tanked, near zero bond rates, Obama administration printing money, etc.) May be hyperinflation is the only way to get out of this mess since this culture is so adverse to pay cuts.

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