Its been all over the news so i thought I should weigh-in on the subject. My Grandmother worked many years as a telephone operator for General Motors in Oklahoma City. Up until last year, she had been receiving a full pension and full health benefits, and has been retired for 25 years (she will be 88 soon).
While this is a very healthy retirement package, its a bit costly and underscores the difficulty these companies face. For GM to simply meet it's pension oblibations per year costs them upwards of $90 Billion (with a 'B'). To put that into perspective, you could buy 100% of GM outstanding stock as of Friday's close for about $500 million.
People will tell you that this a terrible thing that one of the nations Blue Chip companies is going under. With friends in Michigan, I really feel for the people losing jobs, having to sell a house that they can't sell and to find a job when unemployment is rising.
In the end, these last couple of years will underscore the importance of saving for a rainy day, working harder and smarter for the companies we work for, and hopefully, giving God the thanks in all circumstances.
Grace & Peace
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