GM's pension plan was drawn up in the early 70's and it was assumed people would work until they were 62 and would probably be dead by the age of 67 or so. What they didn't plan on was guys retiring at 49 and living until they were 82 and their wives living until they're 92. Paying somebody $50,000 dollars in wages and benefits to not work for 30 more years after they retire is not only absurd but will eventually put a company out of business and it has. They went bankrupt.I just watched a special on GM and they talked about this very subject and how the union and GM managment realized they had created a monster after they came up with it. To show you how ridiculous it is the average GM retiree is making more money in wages and benefits here in Michigan than the average working family! We have people all over around here including my own family that are completely off the grid and making much more money than the people that are working.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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