Retired Auto Workers are "scared to death" about potential industry collapse
By Maggie Crane, WINK News
Story Updated: Nov 10, 2008 at 10:24 PM EST
Shares of General Motors stock hit a 60-year low Monday.
Some fear the company is close to collapsing. GM recently reported a $2.5 billion loss, and analysts say the company doesn't have enough cash flow to keep it open past December without a bailout package.
There are 4,000 retired auto workers who now call Florida home. Those who live in our area have a monthly union meeting Tuesday, and Monday night the union president tells WINK News he's afraid he won't have good news to share about their future.
"We invented the auto industry, so it makes sense to keep them up and running." Bob McNatt started with General Motors in 1956. His first job with the auto giant was in Janesville, Wisconsin.
"When I first started there, we were building Chevrolets -- Impalas and Bel Aires," McNatt says.
Don Condon's son works at the same plant, now turning out trucks. But that GM factory will close its doors for good just days before Christmas.
"A lot of his 401K is in GM stock that he invested in when it was well over $30," Condon says. "Now it's 90 percent gone."
Plants are closing; stocks are tanking.
"We're scared to death. Why wouldn't we be?" McNatt, local United Auto Workers union president, says.
These two retirees now wonder what's next for their pensions and health benefits.
"When you get to our age, you're supposed to enjoy life and take care of your kids and grandkids -- not move in with them," McNatt says.
"When you retire, you think no more bills," Condon says. "You don't think about the washer breaking down, needing a new car or painting the house."
The retirees tell WINK News the backbone of America is breaking.
"The labor unions were responsible for building up the middle class, and now it's being destroyed before our very eyes," McNatt says.
They hope a bailout can rescue GM from what they call a disaster, therefore securing their future.
Both GM retirees tell WINK News if General Motors goes under, so will smaller businesses. They point to paint, metal, batteries and tires -- to name a few -- all relying on the auto industry to pull through.
They have reason to be scared, the whole system is letting millions down.
ReplyDeleteMore threats... If you don't give us all your money, we'll screw your whole country! So many people's jobs being held for ransom here... The "backbone of America" may be breaking, but it's because someone's beating the country with a baseball bat. It's not an accident.
ReplyDelete