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Originally Posted by Hylton
Well War Eagle pretty much summed up the bondholder side of things. Only thing I would add there is that they are creditor number 1 right now which means they will get paid BEFORE the taxpayers gets their money back. The govt. is well aware of this and is looking for ways to get in front of them.
With respect to the UAW, there are still piles of money which they do not want to let go. One of the biggest is "freedom 48". What is this? It is the ability for a UAW worker to retire after 30 years and get full pension immediately. They do not have to wait until they are 65 like everyone else. They start making the pension the very next year. Who get's that? Not even government workers get that cushy deal. Conceptually, a retired UAW worker can be getting a pension for longer then he/she has been working! How is that sustainable for any organization?
Another issue are 'non-billable' jobs which exist but have nothing to do with actually building a car. Every GM factory still has dozens of union committeemen - the bargaining committee, shop committee, health and safety committee, and recreation committee who actually are paid by the car companies. In the past, these positions used to be carried out by workers who were also on the plant floor everyday. Now these are all unique jobs. Still lots of money on the table my freind!
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Not true, the military gets that deal after 20 years, sooner if medically retired. I am not sure, but I believe municipal employees get a similar deal. Also, I have heard the term double dipper applied to Florida state employees, where they retire from a position such as Fire Chief after a certain number of years and are rehired the following day in the same or similar position, they then receive retirement pay and salary for the position. My father-in-law is retired UP and making out like a fat rat, before 65. Plenty of people living the good life besides UAW members.