02-19-2009, 12:47 AM
Recording Secretaries Report - December, 2008
Within Our Power
I know in my life, the troubles with GM have caused me a lot of stress, as I am sure it has many others. It makes no sense to worry about it if it is out of our control – and is it hard to live by that rule! But some things are in our power, and I hope you will join me in speaking out. I made a list of all the senators in states with GM plants so we could urge them to support the bridge loans. That list is on page 5, with instructions and key points to make when contacting them. Now is the time to act. Speak out – even if your voice shakes.
A few news items
Thanks to Brother Tom Adams for keeping an eye out for news that affects the union membership. He sent an article from a New York Times report by economists Luigi Zingales and Joshua Rauh of the University of Chicago. They estimated that if General Motors were to collapse, underfunded pension liabilities would cost taxpayers roughly $23 billion. That is a little less than what the Big Three are asking for as a bridge loan. It is hard to know exactly what is in our pension fund because other sources report different numbers.
Michigan writer Jeff Green wrote this week in Bloomberg that GM will seek to negotiate a cut in debt levels and new union work rules to help boost its chances of winning federal loans. GM also may ask to delay a $7 billion payment to a union retiree health fund, drop more brands and rework an accord with GMAC LLC to prove it can survive and repay the government.
I believe this is the second VEBA payment that GM has failed to make. It was rumored that originally the Big Three were going to ask for $50 billion, which may come after January 20. About $25 billion of that would be to fund the VEBA.
On a positive note, it was rumored that Tom Dashle took the position on the Health and Human Services Committee because President- Elect Obama wants Daschle to work on universal health care.
Happy Holidays
If you need help or have problems with Worker’s Comp or unemployment, call me at (810) 238-1616, ext. 15.
Within Our Power
I know in my life, the troubles with GM have caused me a lot of stress, as I am sure it has many others. It makes no sense to worry about it if it is out of our control – and is it hard to live by that rule! But some things are in our power, and I hope you will join me in speaking out. I made a list of all the senators in states with GM plants so we could urge them to support the bridge loans. That list is on page 5, with instructions and key points to make when contacting them. Now is the time to act. Speak out – even if your voice shakes.
A few news items
Thanks to Brother Tom Adams for keeping an eye out for news that affects the union membership. He sent an article from a New York Times report by economists Luigi Zingales and Joshua Rauh of the University of Chicago. They estimated that if General Motors were to collapse, underfunded pension liabilities would cost taxpayers roughly $23 billion. That is a little less than what the Big Three are asking for as a bridge loan. It is hard to know exactly what is in our pension fund because other sources report different numbers.
Michigan writer Jeff Green wrote this week in Bloomberg that GM will seek to negotiate a cut in debt levels and new union work rules to help boost its chances of winning federal loans. GM also may ask to delay a $7 billion payment to a union retiree health fund, drop more brands and rework an accord with GMAC LLC to prove it can survive and repay the government.
I believe this is the second VEBA payment that GM has failed to make. It was rumored that originally the Big Three were going to ask for $50 billion, which may come after January 20. About $25 billion of that would be to fund the VEBA.
On a positive note, it was rumored that Tom Dashle took the position on the Health and Human Services Committee because President- Elect Obama wants Daschle to work on universal health care.
Happy Holidays
If you need help or have problems with Worker’s Comp or unemployment, call me at (810) 238-1616, ext. 15.