[Cronos]

by granting retiree health benefits that had neither large, immediate cash costs nor, under the accounting rules then applying, much effect on the bottom line. Today, with health-care costs exploding and the accounting rules stiffened, this mess has come home to roost.

That sounds exactly like what the welfare state will do...

[jalisco555]

That sounds exactly like what the welfare state will do...

GM's unfunded liabilities are nothing compared to state and local govt. pension obligations. But that's a thread for another day.