If these numbers are right, then the UAW and the big three deserve bankruptcy in spades. The only way for the numbers to be skewed that I can think of would be if they include executive compensation, which is unlikely because the article specifically points it out as hourly pay. Factoring in the mainstream media bias in favor of organized labor, it's highly unlikely that they'd fudge the numbers to make them look better by factoring in the hourly rate of salaried employees when discussing compensation for hourly employees.
$70.00-$75.86 is extreme. The average union worker is not worth even half that. $75.86/hour is about $152,000/year in income. As a comparison, most people with engineering degrees from a good university might make that much money fifteen to twenty years out of college unless they live in a very expensive area.
If these numbers are right, the big three are screwed. The unions will never tolerate their wages getting slashed to something more realistic like $30-$45/hour ($62,000/year - $94,000/year).
$70.00-$75.86 is extreme. The average union worker is not worth even half that. $75.86/hour is about $152,000/year in income. As a comparison, most people with engineering degrees from a good university might make that much money fifteen to twenty years out of college unless they live in a very expensive area.
If these numbers are right, the big three are screwed. The unions will never tolerate their wages getting slashed to something more realistic like $30-$45/hour ($62,000/year - $94,000/year).
UAW is long overdue for a good smack with the Adamsmithbat. But seeing how bailout mania is in the air I think that may not happen for a while...
One other number that caught my eye in the industries "scare" video is the fact that there are about 3 retired workers being supported for every one currently employed.
Think about trying to run a company where you pay four people, but only 1 actually works. There is simply no way they can compete. The idea that someone could work for 30 years, then get paid the next 30 for not working has always been a pipe dream.
Long on hope, short on math.