outhere69
Posts: 1302
Joined: 1/25/2011 Status: offline
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quote:
ORIGINAL: flcouple2009 That greed has also destroyed the manufacturing base in this country. It's not limited to the board room and CEO's. Greed on the part of the auto unions helped drive that industry into the ground. Their rigid work rules were no help, but they weren't the folks who designed such crappy products, or the production lines requiring 2 years to switch to the newest model. You can have a nice tidy business going, employing a lot of people, with good cash reserves and profit...but be bankrupted by a hedge fund. They see your company and go "Sweet!", execute a hostile takeover, shred the company to where it can barely operate, add on tons of debt, and then take a huge pot of gold in their transaction fee. A company can enter bankruptcy and *poof* no more pensions. So you got your 30 years in and are left with SS (if you're lucky). Orrrr....the company throws their indebtedness onto the fed's pension insurance. Meanwhile they come out of bankruptcy with no pension obligations. An organization declares pension liabilities as ebil ebil ebil, without saying that the reason their fund is so sickly is that it was mismanaged by the administrator and/or bad advice from Wall St. Our profit-driven medical system puts an American company at a disadvantage wrt Japan, Canada, etc. so the jobs leave. Companies come to towns desperate for jobs, play state on state hunting for the best tax breaks, and load the ensuing school, utilities, and traffic problems on the community. When the tax credits expire, the companies haul up stakes and do it all over again. This constant scraping for maximum profit, no matter the cost to community and employees, is not doing us any favors.
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