Word: collar
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Dates: during 2000-2009
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...Future cost projections are even more chilling, since money to meet those projections is dwindling fast. In 2007, GM and the union estimated that it would require an investment of $57 billion to provide future health care for GM's blue collar retirees, even after trimming some benefits. GM's VEBA is more than a little shy of that number. It had $14.4 billion in the middle of 2008, and now has only $9.4 billion in assets, which is beyond the reach of creditors but would barely last three years in the face of escalating health-care costs. Gettelfinger describes...
...argument by members of Congress who are opposed to the process may get some traction. Blue collar workers across the country are becoming enraged at seeing their peers being thrown out of jobs with support from the Treasury. Local towns and cities will have to support workers at dealerships that close. Banking and investment firms not involved in the GM situation will have to ask themselves if their future rights could ever be undermined by a process driven by the financial might of the U.S. government. (Read "Is This Detroit's Last Winter...
...accused of using DOG SHOCK COLLAR on his kids...
...more positive note, the two sides have reportedly reached agreement on how to finance the Voluntary Employees' Beneficiary Association (VEBA), which was set up to fund retiree health-care benefits for GM's blue collar workforce. GM is said to be agreeing to deposit half the $20 billion it owes the VEBA and fund the other half with GM stock. The agreement appears to be very similar to the deal Chrysler LLC reached with the UAW. That deal put the UAW in control of the new Chrysler, with 55% of the stock. The union has also reportedly agreed...
...Shuttering car parts suppliers, large and small, closing dealers, firing tens of thousands of white collar and blue collar workers costs the American economy, in aggregate, more money than is imaginable and very possibly more than $40 billion over the next two or three years...