I read this in the NY TimesSenate Abandons Automaker Bailout Bid
Brendan Smialowski for The New York Times
WASHINGTON — The Senate on Thursday night abandoned efforts to fashion a government rescue of the American automobile industry, as Senate Republicans refused to support a bill endorsed by the White House and Congressional Democrats.
The failure to reach agreement on Capitol Hill raised a specter of financial collapse for General Motors and Chrysler, which say they may not be able to survive through this month.
After Senate Republicans balked at supporting a $14 billion auto rescue plan approved by the House on Wednesday, negotiators worked late into Thursday evening to broker a deal, but deadlocked over Republican demands for steep cuts in pay and benefits by the United Automobile Workers union in 2009.
5 comments:
Personally, I don't think they should have recieved the bailout. I say, give the hard working, tax paying citizens a bailout. Then they will have the cash to buy new cars and everyone will be happy.
I heard statistics that the average worker for one of the big three earns $50 or $60/hour, as opposed to the Japanese companies where the workers earn a still very livable $30/hour.
$30/hour equates to around $60K a year - above the national median income.
Add to that all of the benefits and there is room to deal. Let the big three declare bankruptcy like any other corporation would have to do.
Let them restructure. Why should the taxpayers bear the burden of floating a loan to 3 companies that have shown little imagination and have excelled at profligate spending.
Don't forget the CEOs of these companies recently flew private jets to Washington to ask for a handout. They saw nothing wrong with this culture of greed until the press got hold of the story.
UAW is a bloated dinosaur.
Just like New Jersey, their unreasonable pension and life-time benefits program are the root of the problem.
No, paying into a pension is not enough. Be reasonable, think about the small percentage of your wage that actually gets put into a pension, then imagine getting full or partial salary for your entire life after working for 20-25 years.
It's easy math.
The big three already have razor thin profit margins. The UAW needs to go.
I'm not against unions in general, but when it comes to corrupt ones like this one, I am.
More blather from Millville Crime Watch. The average UAW worker earns $30/hour, which is roughly equivalent to the workers in non-U.S. owned plants. See http://www.uaw.org/auto/11_25_08auto2.cfm for more information. (Gotta love those U.S. plants for non-U.S. based companies in which a large chunk of the profits heads overseas, right MCW?) This nonsense has been debunked numerous other places as well, but that doesn't stop Millville's supreme nonsense spouter from spreading this fertilizer.
The $50-70/ hour number comes from adding all the benefits and then some from the standard hourly wage, so no MCW don't add "all the benefits" to it. They have all ready been added and then some.
Also stop lumping together the CEOs, who take private jets and should be punished, with the average auto factory worker who does not deserve to be laid off. That's like me calling you and Porreca two peas in a pod because you're both Republicans.
I agree with the last poster. That B.S from union haters is just plan bull. Go ahead just blame working people who produce real products and let the money-changers go scott-Free. Union-bashing is so old.
I disagree with Mr. Crime watch on this one
Post a Comment