Chrysler to shut down all 30 plants for a month, but ‘white collar workers’ will keep regular salaries.
Chrysler announced today that it would shut all 30 of its North American plants for a month, starting this Friday. ABC News reports that while 46,000 union workers will be shut off from their regular paychecks, the “white collar” management will continue to receive their salaries:
Chrysler said that union workers will receive “state unemployment benefits as well as supplementary payments from Chrysler” based off “a union negotiated formula.”These [UAW} workers will not be receiving their regular income. There will be an unknown number of white collar workers who will not be working as well, but the expectation is that they will continue to receive their regular salaries during this time.
7 comments:
Chrysler continues to bat a thousand:
it sucks up to Congress, whose approval ratings are in the teens right now while pissing off any population in the country at large that just might have the income left to actually buy a car.
way to go, Chrysler!
Well, in fairness, the white collar employees must know how to handle money better. Yes, that is snark. Nasty snark. As my friend John likes to note, the French aristocrats were surprised when the guillotines started to show up in town plazas. That is, we will always have the element of surprise.
Your post brings to mind a certain Union benifit where a laid-off worker can draw 95% if hs pay. This is the first concession that will have to be given up. No matter how many bailouts, Chapter 13, followed by Chapter 7 will always loom until the Cancer of this alleged benifit is removed.
Be aware that each bailout will have to be financed by either ridiculously high taxes and/or the monatizing of the debt. Anybody who's read Irving Fisher's "Purchasing Poewr of Money" knows that this means Inflation.
You are best advised to Google Irving Fisher and MV=PT before you make up your mind on this one. Your choice is really to decide how much inflation you are willing to take before surrendering that 95% benifit. Chapter 13 is coming, it's only a matter of when. Without the surrender of this alleged benifit, Chapter 7 won't be far behind.
Sorry about the bad news, but we're biting this bullet together. The sooner we get this Economy moving again, the better.
I've been upset recently by all of the hubbub around white collar lay-offs. The recession hit our family almost 2 years ago. We didn't find a whole lot of sympathy when my husband started being laid off for months at a time, nor when he was permanently "let go" a year ago in November.
Dr, Monkey had a good post in the last couple of days about what it will take to really restore our economy. I'm not hopeful that Barack will do the right thing. (And yes, we're on first name basis. Aren't you?)
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