Let me ask you, when was the last time the U.S. “out-educated,” “out-built,” and “out-innovated” the rest of the world? Maybe in the 70′s or 80′s? Obama’s latest threat is to veto any spending measures that that will stifle, in his opinion, the educating, building and innovating in the U.S. It sounds good, like most of this administrations’ devastating fantasy, but the fact is, and most of us know this, we cannot do any of the above until we stop spending, and until we slap the unions face down.
Government Motors announced $400 million in bonuses after only two years of filing bankruptcy and being bailed out me and you.
GM documents show that the company plans to pay hourly workers at least $189 million in bonuses next month. About 45,000 workers at GM factories will get more than $4,000 each [UAW]. Another 3,000 workers at old parts plants that GM is trying to sell will get $3,000 each.
The company would not say how much the white-collar bonuses will cost, but calculations made by The Associated Press show the total will probably top $200 million.
Most GM salaried workers earn in excess of $100,000 per year. A bonus of 8 percent, the midpoint of the range, would give them roughly $8,000 each. That means GM would pay out roughly $224 million…
Reports of GM’s partial loan repayment are abundant across the InterWebs, but consider this: they paid back a portion of the bailout by dipping into another bail out pot – but Sen. Charles Grassley (R-IA) had to dig it out and report it.
Ford Motor Co. did not want, and did not take a bailout:
Ford Motor Co. announced plans last month to pay its 40,600 U.S. factory workers $5,000 each, the first such checks since 1999. The Dearborn, Mich., company, which avoided bankruptcy and did not get a government bailout, made $6.6 billion last year.
Totally correct!
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[...] and out-innovate the rest of the world.” That’s code for not giving enough money to his union buddies. Yesterday, he said he went through the budget with a scalpel to make surgical cuts to the bloated [...]
[...] That said, I’m sure, once the story gets out that the left will be just as consistent in slamming GM for paying bonuses without repaying its loans as it was with taking Wall Street (properly I might add) for precisely the same reason. (HT: Maggie’s Notebook). [...]
[...] GM announced $400 million in bonuses in February 2011. FLASHBACK: Union bosses collude with White House to tax premium insurance plans but exempt collectively-bargained plans. Remember the 22-pound UAW contract – 2,215 pages? [...]