The Auto Industry is Disturbing

Thanks to my friend Jeff C., my attention has been brought to this article in regards to the auto industry -- the very same auto industry that is on the brink of going bankrupt and could make Detroit lose about 1 million jobs. Right now, unless the auto industry straightens itself up, even hiring Steve Jobs, won't be able to save it.

First of all - the Jobs Bank Program - which was from an article written in 2005 sheds quite a bit of light on how the auto industry was (and maybe still IS!?) floating around on money they shouldn't be spending. No matter how much I support unions, no one would be sitting around doing crossword puzzles and getting paid $31 per hour. What productivity will come of that?

The Auto Industry is in dire straights. Those smart enough to realize that riding out time in the Jobs Bank is much better than taking a retirement package have ended up doing nothing for full pay and benefits.

I'm surprised GM has survived as long as it has with reports of the removal of the Jobs Bank being critical to its survival as far back as 2006. Especially since on GM's website itself, some post-retirement employees will still receive payment until 2010.

All I can say is -- I thank my lucky stars that my dad left the auto industry before he was left to rot in that sinking ship. But for a more positive thought -- let's just hope that the auto industry will hang on, or Michigan is going to sink into a worse depression than it has in the past.

Articles from this Post:

• Detroit Three Failure Could Cost At Least 1 Million Jobs (via)
• How do we fix the Auto Industry? Hire Steve Jobs (via)
• Jobs Bank Programs - 12,000 Paid Not To Work (via)
• Big Three Bailout? Not So Fast (via)
  
• GM Jobs Bank Looms as Major Obstacle to its Survival (via)
• Note 20: GMNS Postemployment Benefit Costs (via)