Posted on 04/06/2010 2:56:21 PM PDT by NormsRevenge
WASHINGTON – Automakers General Motors and Chrysler will need to put billions of dollars into their pension plans over the next five years to meet their funding requirements, the Government Accountablity Office said Tuesday.
The GAO concluded that GM will have to add $12.3 billion by 2014, while Chrysler is expected to need $2.62 billion more during that time for its pension plan to keep it properly funded.
GM and Chrysler both went through government-orchestrated Chapter 11 bankruptcy protection last year. They emerged as newly restructured companies that were able to shed huge debts but remained responsible for the pension plans of thousands of workers and retirees.
The GAO said in a report that the future of those plans "remains uncertain" as the companies struggle to make money again.
(Excerpt) Read more at news.yahoo.com ...
And this is with cooked numbers....???
Baseball, hot dogs, Barack Obama and Chevrolet!
This will probably result in “Since the government can require you to buy things you don’t want, everyone must buy a new Chevy, whether you want one or not.” After all, GM does belong to the gov’t, and it is “too big to fail.”
Fantastic point; just imagine when they get to use the forced healthcare and taxation monies to funnel towards these programs, will be better than Social Security plus any other ponzi scheme they have come up with.
GM: Obama’s Lada.
How about some of those union members paying me some money for the cr*p they built for me back in the days that I was stupid enough to purchase GM cars.
>> everyone must buy a new Chevy, whether you want one or not
I don’t think Bambi will be quite THAT harsh.
If you really don’t want the car, he’ll probably instead let you adopt-a-UAW and pay his mortgage and his healthcare and his pension.
Or you can buy the Chevy — your choice. And those ‘rats, they’re ALL about free choice!
Give ‘em Oboma money - from his private stash.
I have to wonder where they think that money is going to come from...scary to think that the one employment contract they’d consider binding (on taxpayers) would be between another union and the US Government.
Never let a crisis go to waste.
Pension Crisis, great opportunity not for TARP but PORKED
Pension Organization and Redistribution Krafted for Equitible Distribution.
We have been warned they are coming after our 401(k's) etc. this is the crisis in which they will really do it...
Knowng good folk @ GM and those on the pension, I was originally for the bailout, then GM had way to much debt and I wanted a "traditional" bankruptcy to get rid of the legacy cost. Forgetabout...
The question is will that ever happen again given Obozo took bankruptcy and common law backwards some 800 years to before the English King got tired of land squabbles, (from what I learned in business law), right out the window.
God help us....
I dont care if the union scum loose everything!
I’m going to make a very disturbing prediction, based upon our current marxist government. Unless the government and unions are stopped, I predict that the only way the government will determine a solution to this pension mess that governments and unions have created for themselves (and by default for taxpayers), is to confiscate all individual 401K’s, IRA’s and Company funded retirement funds and throw it all into one big pot along with all the underfunded government and union cadillac pensions in exchange for a government determined monthly annuity payment, (think social insecurity), thereby spreading the government and union pension risk over all taxpayer retirees. And the government will use all the retirement funds confiscated from us to help continued funding of government treasury debt as it continues to grow as China and other external parties cease purchasing said future debt auctions. Taxpayers may have to go postal enmasse to stop this effort.
Me either. They voted for it.
Right now the only market segment GM has is the government need to dark SUV's. The rest of the market is hunkered down, not buying much of anything.
Which makes the idea of GM AND Chrysler putting Billions into pension plans a pipdream. Ain't gonna happen in this environment. Especially when the people who run the government drive Japanese name plates and would not think of putting a domestic name plate in the driveway.
Maybe Obama/Geithner could make that a mandate; all government employees must drive GM's. That might solve the problem. You betcha.
What advice do you have for Grandpa / Gramma, Mom / Dad who retired after 30+ years of service in good faith?
"Sorry 70+ year old Mom and Dad, I understand you have serious age related health issues, but the autocompany jetsioned their Retirement / Legacy costs. And you are, after all, expendable."
Oh, you have wet & dry macular degeneration and you need injections into your eye that cost $2000 per treatment (monthly) to delay the onset of complete BLINDNESS but your health care is now vapor care? Well, maybe the church can help you.
So, Dad, you need a pacemaker? Well, them's the breaks.
By the way, what do you think of my new ride? Its a Toyota. I love what it does for me.
Well I’m pretty sure, given the type of stand-up & principled guy you purport yourself to be, you are of the persuasion that charity begins at home. So whatever healthcare benefits your elderly parents may lose you cover. It wouldn’t matter if its stomach cancer or whatever. You’d be springing for the visiting nurse to provide the necessary home health care.
And if it comes down to forecolosure on their retirement home, you’d step in to either subsidize their payments or at the very least offer them your bedroom (and you & your wife would set up cots in the basement).
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