From The American Thinker:
The United Auto Workers demanded ‘More’ and management gave it to them.
Well, it’s not quite that simple. Wages are fairly high for the Big Three automobile manufacturers, but not much, if at all, higher than the wages paid by Japanese, Korean, and German manufacturers to their American workers in Georgetown, KY, Marysville, OH, and many other communities hosting foreign-owned automobile assembly plants. And workers in Germany producing cars for the American market earn even higher wages.
But there’s another angle to the story. In the airline bankruptcies, the workers and shareholders have submitted to the Chapter 11 process rather meekly. The shareholders get wiped out; the pension beneficiaries get a haircut from the PBGC, the unions get their above-market wages thrown in the toilet, and we hardly hear a peep. Will the Delphi stakeholders agree to go under the knife so quietly? We’ll soon find out.