GM's pain hits retirees

GM's pain hits retirees

There are 164 comments on the Baltimore Sun story from Jul 16, 2008, titled GM's pain hits retirees. In it, Baltimore Sun reports that:

When Charles Miller went to work at General Motors ' Broening Highway plant in 1954, he was attracted to the company by its reputation for good salaries and stellar benefits.

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“Don't protect me from me!”

Since: Jul 07

United States

#165 Jul 29, 2008
MT TERP wrote:
<quoted text>
Ridiculous. GM ran GM into the ground...they've been building behemoths for years and wonder why they don't sell when gas is tight? And don't act like this just happened...writing has been on the wall for years. Their labor force got the prevailing rate & wage & PROMISES that you so vehemently defend in supply and demand. And they've made concessions when times where tough. You seem to think the tail wags the dog.
What kind of jobs will be left when you have your way? All manufacturing jobs will be in china or the next lowest bidder as we Wal-Mart our country away. Tech jobs will be the domain of south asia/india. Textiles - gone. Farming-Going. Defense-Same thing. Are we all going to have service jobs (McDonalds and the Gap) while a class of powerful CEO, owners and upper management live the high life? Is that what you are hoping for?
People have to work to get paid to buy the things that pay for everyone else's salary and YOUR ability to sit around and post on this site all day. No free ride??!! Whatever you do, the lives and success of your neighbors and countrymen are tied into YOUR success or failure. Keep taking their jobs, their ability to support families, their health care, their worth and their hopes and you'll be giving them all a nice BIG PAID RIDE on welfare and every other means of government help.
Here is a thought. If you haven't saved enough on your own, keep working instead of retiring and hoping that you don't get screwed by your former employer or the government.

Of course the government can screw you in so many ways that retiring may never make sense.
William Simmons

Madison, WI

#166 Jul 30, 2008
The GM cancellation of health coverage is not the big hit because there are Medicare Advantage Plans available with much lower premiums, lower drug and Dr co-pays, and overall much better coverage at a lower price. The big hit is the cancellation of the Extended Care Coverage or ECC. This provides $35 per day for unskilled nursing care in a nursing home and up to $50,000 for skilled care. GM always told us that if we were to maintain this coverage it was MANDATORY to stay in this program or if we cancelled we could never get back in. So these 80-90 year old retirees have put $15 per month in to this program for 50-60 years, now with no benefit when they need it. This may seem small, but as a tax deferred savings over 60 years at 6%, it would amount to over $96,000. Don't believe it? Go to cgi.money.cnn.com and click on personal finance, retirement and use the calculator on the top right side at 6%. I think that this is justification for a class action law suit. It is a total injustice to those who have invested in this insurance and when they need it will reap NO benefit!
Jack

Forest Hills, NY

#167 Aug 1, 2008
Well said MT TERP. You actually touched on the theme of a recent work by Thomas J. Mackell Jr. He is Chairman of the Board of Directors for the Federal Reserve Bank of Richmond. He wrote a book called WHEN THE GOOD PENSIONS GO AWAY. In his work he explores what is happening in this country to jobs, retirement and presents a pretty bleak future given current trends.

“Don't protect me from me!”

Since: Jul 07

Westland, MI

#168 Aug 2, 2008
Jack wrote:
Well said MT TERP. You actually touched on the theme of a recent work by Thomas J. Mackell Jr. He is Chairman of the Board of Directors for the Federal Reserve Bank of Richmond. He wrote a book called WHEN THE GOOD PENSIONS GO AWAY. In his work he explores what is happening in this country to jobs, retirement and presents a pretty bleak future given current trends.
I agree that the future is pretty darn bleak. Too many people in this country believe it is the responsibility of others to take care of them.

The government will fail all of us just as GM is failing its retirees. Those that plan for that failure will be best positioned to muddle through.

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