Saturday, December 17, 2011

Race To The Bottom

The former head of Obama's auto task force, Steven Rattner, while speaking at a luncheon in Detroit, expressed that he wished he would have made the UAW sacrifice more.

Rattner also mentioned, "Friends on Wall Street were concerned by GM's earnings and communications with the market."

The three-tiered pay structure has the highest 900 workers making $29 an hour, $16 for those 200 workers in the middle, and $9 for those subcontracted at the bottom. Which means that the top worker has gross earnings somewhere near $60,000 per year; the middle worker somewhere near $33,000; and the bottom somewhere near $19,000.  

The article goes on to note that GM's North American division posted profits of $5.7 billion in the past nine months of this year. So, even though the workers are not making lavish amounts and the company is profiting handsomely, the Wall Street and Republican mindset is on full display - the rich deserve more, while the workers should sacrifice more.

This is class warfare people. Wake up! 

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