Posted by
Old Retired Fart on Monday, December 08, 2008 2:55:19 PM
I was reading this morning that we are near a bail out agreement for the "Big 3". There is a lot of speculation as to what the strings will be, but apparently there will be some sort of government oversight. I read in a couple of articles that people really want the senior executive's pay capped, and that they companies won't be able to pay dividends while still owing on the loans. No where have I seen any serious talk about the unions giving back anything. Now according to news reports, the average union auto-worker makes $78 an hour an the average non-union auto-worker makes $48 and hour (for those of you keeping score that means the average non-union auto-worker has to scrape by on more than $99K a year compared to the $162K for the union worker). Now if GM just reduced their wages to average non-union wages they would save $7,980,000 EVERY HOUR! (266,000 workers times $30 an hour). That is $16,598,400,000 a year. There is your $16 billion bail-out right there.