And a lot of people claiming to be Democrats seem more than willing to help the Republicans pull this scam off? I don't understand why either? Is it because we had a real retirement program compared to a 401k program that so many people have watched dwindle? It isn't UAW members fault that the the Stock Market crashed and wrecked your 401k's. It is Republicans who did this. And yet people want to let some laid off auto worker or his widow collecting a retirement lose that to pay for the Republicans screw ups? Something doesn't seem right here.
Don
http://www.politicalaffairs.net/article/articleview/7822/Auto Bailout: "We're Gonna Own Your Ass"
By PA Staff Writers
As the Big Three executives return to Congress to plead for new loans to bail out the auto industry, political debates erupted again this week over whether or not the federal government has managed the economic crisis adequately. Should taxpayer dollars should have been used to prop up the profits of Wall Street banks, while allowing the US economy to collapse further by refusing to prevent the failure of any one of the major auto companies?
The newest reports suggest that there is little congressional support for passing a bailout package for auto using funds from the massive $700 billion boondoggle passed in October. For their part, however, Democratic leaders have asserted that bankruptcy for the automakers is not an option.
Republicans have blamed workers and unions for the crisis in auto, ignoring the fact that the credit crunch has led to a decline by 37 percent in new auto purchases by consumers over last year. The credit crunch, of course was not caused by union workers, but rather a systematic deregulation of the housing market that allowed big Wall Street banks to push ill-advised loans and repackage them as securities.
Earlier this month, for example, former Republican presidential hopeful Mitt Romney argued in an op-ed in the Wall Street Journal that the industry, which employs 250,000 workers directly and indirectly as many as 3 million people across several industries in several states, should be allowed to go bankrupt regardless of the consequences to those workers and their families. He specifically blamed the United Autoworkers (UAW) and the efforts of the workers over the decades to boost their wages and benefits and to provide retirement security for retirees.
In the rush to blame the workers first, some anti-union pundits have floated an erroneous notion that autoworkers earn more than $70 per hour, and that has caused the financial ruin of the companies.
Union advocates have debunked this point repeatedly. The highest paid union workers in auto earn less than $28 per hour in wages, or about $57,000 annually. That is only a few thousand higher than the national median wage for all Americans.