Wednesday, November 26, 2008

Auto workers and bail outs

I am having a problem with the current media discussion of the proposed loan (bailout) of the auto industry. I have watched a number of programs including the Lehr News Hour, Lou Dobbs, and more. They usually have 2-3 commentators on the economy. One is from the Heritage Foundation, or the Cato Institute, both right wing think tanks.
The conversation goes on for awhile, then the designated commentator will say something like,
Well you know that the wage package and benefits of auto workers are just too high to sustain. There is going to have to be some wage reductions or benefit reductions.
Lets look at this. The average auto worker makes about $56,000 per year for working a 40 hour week for 50 weeks.
As far as I can tell none of the media commentators make so little. I think when they make this claim suggesting wage cuts they should be asked,
“And what is your salary?” “Do you have health care for your family?” Lou Dobbs make millions. The Heritage Foundation and Cato types make at least $90,000 per year. And, what do they produce? Hot air. Remember that finance capital, who they serve, paid their CEO’s in the millions of dollars per year.
Auto workers produce cars.
It is hard for me to judge the veracity of the commentators when they don’t disclose their own salaries and benefits.
See the piece below by Grieder.
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