Saturday, December 6, 2008

Who is to blame for the big-3 auto debacle

In regards to the big 3-auto meltdown, I’ve heard a lot of talk about the bloated union contracts lately, how the high wages and cost of health and retirement benefits for union autoworkers immediately dooms the American auto industry.

Let’s remember why unions exist in the first place, because of the abuse that the American worker has endured at the hands of management over the years. I see nothing different today.

Corporate executives that make tens of millions a year yet don’t modernize their operations or change with the times. Isn’t that kind of compensation outright larceny? To me it seems like stealing from the shareholders. In addition, all of these CEOs sit on each other’s boards of directors, and always seem ready to approve the highest compensation packages for one another.

Unions? The credit crisis started the downward spiral in the auto industry, and the arrogant CEO-asses show up in Washington in their corporate jets. After they get their hands slapped, they drive back looking for handouts in hybrids. What an act.

What we are watching is an assault on the middle class in America. What place does the American worker occupy in a global economy? None as far as I can see, unless you want to include the fast-food service or lawn-care industries.

No comments: