So, representatives of Detroit's Big Three automakers have their hands out on Capitol Hill today... They are asking Congress to bail them out to the tone of $25 Billion... When you look critically at this, you would say it's important to save these companies. However, you realize that these companies are in dire straits because of Union contracts and government controls...
Forcing these companies to declare Chapter 11 Bankruptcy, as most major airline did, will allow for these companies to realign and regroup. It will allow everyone to see how dire their economic situation is. Perhaps they will renegotiate with the UAW in order to reduce their pension and benefits plans for retired employees, as well as cut salaries, which are significantly higher than that which are paid by Japanese auto makers in their US factories.
I support our US auto industry but handing out money to them without remedying their ills is insanity...
Article on the Situation...
Forcing these companies to declare Chapter 11 Bankruptcy, as most major airline did, will allow for these companies to realign and regroup. It will allow everyone to see how dire their economic situation is. Perhaps they will renegotiate with the UAW in order to reduce their pension and benefits plans for retired employees, as well as cut salaries, which are significantly higher than that which are paid by Japanese auto makers in their US factories.
I support our US auto industry but handing out money to them without remedying their ills is insanity...
Article on the Situation...
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