Skip to comments.Taxpayer Problem: GM’s $12.3B of Unfunded Pensions
Posted on 04/07/2010 1:33:00 PM PDT by wrrock
According to a report by the Government Accountability Office, GM will need to add $12.3 billion into its pension fund by 2014. To make matters worse, if GM terminates their pensions, the Pension Benefit Guaranty Corporation funded by taxpayers - would then become responsible for as much as $14.5 billion in unfunded liabilities.
In the video: Aaron points out, this could enrage taxpayers fed up with paying for government worker benefits at a time when the average government employee is making more than private sector workers and receives better benefits.
(Excerpt) Read more at cardealerreviews.org ...
What isn’t our problem nowadays?
Time to go bust up some unions.
This is why the unions want to take over your IRA and 401k.
You betcha it enrages me!
“could enrage us”...BS...am already enraged and more!
Hey, that’s not even a trillion! Just go print some more money (or find some more suckers to borrow from).
Take the money out of the executive pension and bonuses first. The execs should be paid last if their company is doing bad.
GM - the gift that just keeps giving... thanks to the UAW.
So basically, taxpayers will foot the bill to subsidize GM vehicles: past, present, and future by paying the UAW payoff scam.
I don’t even drive a GM vehicle - so why should I pay for a GM worker’s pension?
Here’s a concept: Roll the true cost of building an automobile into the price. See if consumers will buy it. If not, then you must reduce the cost. If that means lower wages - so be it. If that means less attractive retirement benefits - so be it. If that means that the manufacturer folds... so be it.
You see - the free-market system, when allowed to function without being bullied by unions and government, can do what it was designed to do - result in quality products, at a reasonable cost, with happy workers to boot. Under a truly free economy - workers see reward when they work hard and make quality #1. Workers pay the price when they slack. Company owners reap a harvest when they produce quality and desirable products, and should get hit when they make bad decisions. Consumers when because the products and competition result in value for their dollars.
But no sense using logic - she has long sense left the building (and Washington DC).
it better be that way with these favored union thugs...
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