We're getting a bit off-topic here, but retiree obligations threatened these bankruptcies because the companies made promises to people and then didn't do the things that were necessary to ensure that they can actually fulfill those promises. They'd have to sock away more money back then which would mean lower free cash flow to fund dividends for stockholders. So when I see people crying now that we can't afford to be so generous, it ticks me off. Pensions aren't generosity, they're deferred compensation for the work people did for them. When car companies or municipalities renegotiate pension plans with unions that were established a long time ago, they are essentially leveraging the threat of bankruptcy court to steal from workers and give their money to shareholders or taxpayers. And then they go cry about how the leftists want to redistribute wealth.
I don't wanna argue about auto unions and auto companies either My main point is pensions are a thing of the past private industry. It will catch up to the public sector
The fact is that American auto companies lost market share to the Japanese and Germans and were turning out inferior products.
You're right about that and we now have more honest financial vehicles for retirement benefits to use. We just have a few more pension mines to defuse, though I don't particularly like the way we do it.
And now Ford and GM are making huge cuts as costs rise (tariffs), their cyclical industry turns toward the negative part, and their aging workforce becomes more expensive.
And they got no help from unions. The fact is Japanese cars were cheaper Edit: auto workers made a lot of money and its difficult to roll back wages
I support raises for fire fighters. I think the Mayor has been dishonest and has negotiated in bad faith. That said, I don't support Prop B.
