That when you offer wage and pay benefits to your employee's you are supposed to fund it while they are working. Not tag it to the cost of future labor.
Secondly, GM has that obligation to their employees and should be responsible for it. Many of those benefits were earned BEFORE GM made those bond issues to fund their operating expense. Why should bond debt have preference over preexisting debt? HUNH? HUNH?
The fact is that debt to labor does have a preferentil treatmen in the law. Try to stiff your hired man or your custom operator. Let me know how that works out for you..
Thus, when GM has a 2 billion obligation for retirement benefits and then out sourses the manufacture of components, they may lay off employees or forget to replace them when they retire.. Instead of 50K workers divided into the the annual costs of their obligation they now hav 40K workers or 30 k workers. That is why it is stupid to expect current employee pay for previously existing debt. That's like you insisting that your hired man pay the cost of your last years seed corn which you are in arrears for.
Reasonable men have logic to explain the crappola by the corps and the anti labor ideologues. Just remember the corps signed those contracts and are obligated to pay for them. Labor is not responsible for poor management decisions. I hope if your farm is failing you don't blame it on the hired man! OK!.
