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Archive for the ‘Auto Industry’ Category

The Big three are asking us Taxpayers to bail out workers that make considerably more then the national average. See previous post, maybe Romney has a good idea.

UAW workers earn $75 an hour in wages and benefits–almost triple the earnings of the average private sector worker. Detroit autoworkers have substantially more health, retirement, and paid time off benefits than most Americans. These benefits, and a JOBS bank that pays UAW workers nearly full wages to not work, have been a major force driving the Detroit automakers’ current fiscal woes. Consequently, Congress should not force all Americans to pay for high wages and benefits for UAW workers.

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Mitt Romney,

IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.

Romney says for American auto makers to be competitive they’ve got to get rid of current labor contracts and also must reduce retiree benefits.  These are adding about $2,000 to every car compared with foreign made automobiles.

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