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The pensions are federally guaranteed - but the pensioners will only get about a third of what they would have gotten.
GM directly employs about 250,000 people. It used to be 1 out of 6 jobs was tied to the auto industry nationwide - but not so anymore. I think CNN's numbers are alarmist - I don't think 1 out of 10 people will lose their jobs nationwide as a result of the auto industry collaspe, but I think it would certainly be several million to ten million. As bad as the 260,000 job losses we had last month - it would be much, much worse. Major reverberations across the economy. Million plus job loss figures month after month won't go over to well on Wall St.
Interesting that the collaspe of GM only got about 2 1/2 minutes on the national news - imagine how big a story that would have been even a couple of years ago?
Just so folks know....even if they get the bailout you can bet your bottom dollar they will be cutting jobs in their restructuring process......but the fat cats at the top will still be getting all theirs!
1/3 of what the had signed up for, nice. Because they turned them over to be paid by you and me. Just like , UAL, PanAm,and PennCentral.
How much will American Axle emps get?
So we guarenteed the railroad pensions and they were exempt from paying social security? Am I wrong here?
He that would make his own liberty secure, must guard even his enemy from oppression; for if he violates this duty, he establishes a precedent that will reach to himself.
Thomas Paine
The Argentinean government recently announced that they would send a proposal to the Congress by which the Pension and Retirement Plan Administration or AFJP in Spanish (also known as mutual funds in the US) would become nationalized. The AFJP privately manages millions of Argentineans' retirement funds, and under the proposal, their funds would now go to the State. The political debate will go to National Congress, but many blogs have commented on the possible changes.
On the side of those who oppose, there are two quite evident arguments: that this is a sacking of a lot of Argentineans' retirement contributions, and the only reason for this change is to increase the government's revenues in the short term. Guillermo Riera of Demasiada Información [es] states:
De seguir con el sistema de reparto, en veinte años el Estado estará imposibilitado para pagar jubilación alguna, sencillamente porque habrá tantos jubilados que no habrá recaudación que alcance.
By staying in the public system, twenty years from now the government will be unable to pay any retirement benefits at all, simply because there will be so many retired people, that there won't be enough funds for them all.
Hybrid Mode
