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Save our economy, pass single payer

DCblogger's picture

Bailout America with Medicare for All

The biggest difference between US and foreign auto production is that only US automakers are saddled with the burden of paying the health care costs of current workers and retirees.

To make matters worse, beginning in the Reagan administration, federal laws allowed automakers to spend their employee pension funds on executive bonuses and bad investments and not repay them. After three decades of executive raids on the money that should pay for pensions and medical care, there is nothing left. GM alone has at least $5 billion in unpayable pension and medical liabilities, money it deducted from worker paychecks for decades and promised to prudently invest and safeguard but instead spent.

Edit -
bailout=bubble

Far better, I think, to shore up workers' pensions and enact single payer national health care.

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Submitted by brucedixon on

one of the main reasons for closing auto plants in the midwest and northeast and any place else in the US where they'd been open 30 years and longer was not that they could not be modernized or their workers were too greedy.

They were producing retirees whose health care costs the automakers did not want to shoulder. Better to skip to rural Burnt Scrotum Oklahoma and open up a new plant there with a twenty-something work force. In thirty years you can close that one too and move again.

amberglow's picture
Submitted by amberglow on

open in the South? i thought the Big 3 never even tried, bec Repubs controlled those states and offered big subsidies to foreign mfrs only -- and promises that they could operate as they wanted (i.e. without Unions) ?