GM's Reign of Mismanagement--The Workers Pay

After loaning GM about $17 billion dollars our Government said goodbye to GM CEO Rich Waggoner. And, Waggoner had the last laugh. The UAW line workers who are paid wages of about $50/hr garner a pension of about $25,000/yr after 30 years of building GM cars. CEO Waggoner will receive a lump sum pension of about $23 million for his 30 years of service in management. This is equivalent to the total pensions paid to about 920 GM retired line workers for one year. The line workers manned the manufacturing lines that produced many millions of GM cars annually and as retired CEO Waggoner receives his pension the workers still employed by GM see their pensions threatened and diminishing. Why not give all GM employees lump sum retirement pensions based upon the total number of cars produced? CEO Waggoner is the latest of a list of GM CEO's who have helped GM dive into near bankruptcy while claiming that the line workers are paid too much. Have you ever heard one of the CEO's or Presidents of GM state that they were overpaid?

If their pay was determined by long term growth they would have received constantly diminishing pay for most of the prior 30 years. However, the GM Board of Directors continued to pay more to themselves and their top executives as the company spiraled downward year after year, unable or unwilling to respond to the new markets and growing competition. GM management was clearly retarded and behind the times as they lost market share year after year. Yet their management cadre and boards were very generous in paying their incompetent leaders. The workers did not cause GM's near demise. The Board of Directors and Executive Managements were responsible.

If Waggoner is worth $23 million upon retirement for helping to screw up GM then all the line workers should be paid lump sums retirements of at least $500,000 for doing what they were told and doing it well enough to pay multi million dollar salaries to their management. The line workers at least produced cars and trucks while the GM Boards and top Executives steadily destroyed their ability to do so, by lack of vision and incompetent management. Why are the executives awarded while line workers are penalized? Our Government must protect the pensions of and speak up for the loyal and dedicated UAW line workers and general salaried workers who are the victims of GM's many years of greedy executive mismanagement.