[ExI] those damn greedy workers

[BillK]

On 6/13/09, John Grigg wrote:
> And who is really at fault?  I would say the senior ranking executives, and
> also the engineers who designed the cars under their supervision.  The
> workers may be overpaid, but if the product was good the cars would still
> sell and the massive bailouts would not be necessary.
>


It's not just wages. It's the pension schemes that have broke the bank as well.

When workers negotiated higher wages and better pensions, it was easy
for the management to agree to increase pension benefits. After all,
they would be retired themselves on gold-plated pensions long before
the pension bill had to be paid. The same applies to government
workers. California cannot afford the pensions that it previously
agreed to pay. The government has also spent all the pension pot and
faces the problem of many more old people very soon.

Just to help matters, the economic collapse and house price collapse
has ruined private pension plans as well.


BillK