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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (168498)12/3/2008 7:42:41 AM
From: butschi2Read Replies (3) of 306849
 
His point is that in the $70 figure are included costs for past RETIRED workers and thats simply nuts to include this figure here.

GM gave away the money years or decades ago and only didnt account correctly for it.

This are not present labor costs this are legacy costs as "normal" debt to bondholders or other IOUs and you shouldnt include past costs or debt payments in labour costs to fuge your numbers.

GM had the benefit of lowering their actual pay decades ago by promising future benefits. The benefits should have been accounted for years / decageds ago, but this was never done correctly. The promised benefits of decades ago may have ballooned in value due to increasing lifespans and healtcare costs.

This past benefits doesnt have to do anything with payments or labor costs of present day workers.
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