Just as Darwin discovered the law of evolution of organic matter, so Marx discovered the law of evolution of human history.
Friedrich Engels (1820 - 1895), socialist
G.M. plans to eliminate more than 20 percent of its blue-collar jobs in the United States. It would seem to me that it would make more sense to reduce executive salaries first and make them earn their salaries and bonuses by bringing the company back to profitability without continual layoffs.
General Motors Corp. chief executive Rick Wagoner received a $4.66m salary and bonus last year, an 8% decline from what he was paid in 2003, according to the automaker's annual proxy filing. In addition to his unchanged $2.2m salary and $2.46m bonus, down from $2.86m for 2003, Wagoner also received options on 400 000 GM shares and about $160 000 in other pay.
Let’s see with Wagoner’s bonus alone that could keep approximately 40 people employed making roughly $50,000 per year. The announced layoffs are just a precursor to far more insidious cuts such as going after the retired workers health benefits, which will be followed by defaulting on its promised pensions. However, let’s make this perfectly clear; Wagoner and other executive level officers will have to give up one thin dime.
Don’t look for the Bush gang to offer any relief. Hmmm. I wonder how many of those tough talking assembly line workers are happy they voted for George Bush now.
The Bush gang has offered a plan that would sharply increase premiums charged to employers that operate traditional pensions. The plan would also tighten pension-funding requirements, especially for financially weak employers.
Unfortunately, employer groups say Bush's plan would raise the cost of pensions more than necessary, encouraging employers to terminate even healthy plans.
Our social safety nets are being dismantled and the Bush gang and Republicans in Congress could not be happier. I wonder who they will blame once the people wake up and see that inequality is wider now than any time since 1929 -- the liberal media, the unions? Maybe they should look in the mirror.