The Oracle of Delphi: GM's Pension Disaster And What It Means for Social Security

VanguardPAC.org ^ | 10/24/2005 | Rod D. Martin, J.D.

[queenkathy]

BTW, I don't know of any retirees who are making 28K on their pension. Less than half of that is more in line.

[mysterio]

Don't let the rude union haters get you down. Workers gave up raise after raise to get those pensions. And these same jerks that slam unions on thread after thread love the fact that they get weekends off and that six year olds can't be hired to work 12 hours a day 7 days a week. All of which is thanks to unions.

This is the fault of NAFTA. If not for NAFTA, we could still have good manufacturing jobs in this country.

Sorry you are losing so much. I live around the Anderson, Indiana area, and it's going to hit a lot of people hard here. 66% pay cut. That is absolutely ridiculous. If they couldn't afford it, they should have never cut the deal.

[staytrue]

I don't know of any retirees who are making 28K on their pension

Pensions are "guaranteed" by the govt. up to 28k. If you are below that the govt. will step in at the present time.

Of course, there may come a time when the govt. will change the rules because it can not pay.

I'm sorry to be so harsh, but there are no guarantees in life except death and taxes.

[staytrue]

If they couldn't afford it, they should have never cut the deal.

They cut the deal, and they could not afford it. Delphi is bankrupt. The stock trades at 37 cents down aobut 99.99% from where it was a year ago.

Also, including benefits and wages, delphi workers averaged 65 dollars per hour pre bankruptcy.

[staytrue]

This is the fault of NAFTA.

Mexico's economy is 1/20 of the US. We will make the absurd assumption that 100% of Mexico's GDP comes as a result of nafta and that 100% came out of the hide of the US economy in a zero sum game.

With those absurd assumptions, US GDP would be reduced by 5% under nafta.