Friday, December 12, 2008

The politics of self destruction

The 'bailout' of the big three automakers has stalled in the Senate, largely because the UAW is refusing to make any concessions on wages. It seems to me like the UAW would rather see their employers go out of business and lose their jobs, rather than take a pay cut.

It boggles my mind- especially considering that some forklift drivers in the UAW are making over $100,000 dollars a year. From the article:

Many bankrupt autoworkers own two homes -- one is usually up north -- which means multiple mortgages. Most have two or more cars and sometimes a boat or snowmobile payment, according to information culled from cases filed by autoworkers in U.S. Bankruptcy Court in the Eastern District of Michigan.

Yet, I am supposed to feel sorry for a person who makes double what the average Toyota worker makes, and accept that my tax dollars are going to pay these higher wages? For years, UAW officials have boasted that the Union workers they represent make 67% more than non-union workers. Now that these outrageous wages are bankrupting their employers, I say that you are getting the predictable results of being noncompetitive in the marketplace.

Not with my tax dollars you don't. Consider this: On September 30, 2008, the National Debt was $10,024,724,896,912. As of December 10, the National Debt is $10,648,440,877,252. That is an annual growth rate of 32%. At that rate, our debt will double every 27 months. Except we are not moving at that rate, but a much higher rate than that.

If this continues, the Obama administration will be facing a $15 trillion debt before the end of its first year. Can you say hyperinflation?

No comments: