Unions Bend the Curve!
I knew they'd find a way to punish Ford: The new UAW contract with Ford apparently does not give America's surviving non-bankrupt automaker parity with GM and Chrysler, reports Bloomberg: "The plan doesn’t include cuts to retiree benefits, such as vision coverage, that were granted to GM and Chrysler." Rather, the pain seems even more concentrated on future hires (if there are any) than with the GM/Chrysler deals. ... TTAC wonders whether the UAW had an extra incentive to resist giving concessions that might make Ford more successful now that the union owns a large chunk of its main domestic competitors. ... P.S.: The argument that "the day the union owns the firm is the day workers will need another union" has always seemed a bogus argument against worker ownership. But in this case, where the union actually owns only competing firms, maybe it's not so bogus. Ford, GM and Chrysler workers used to have more or less equal status within the UAW. Now the union has a reason to give GM and Chrysler an edge wherever possible. ... 5:39 P.M.
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