CEO's leaving bankrupt companies with tens, if not hundreds, of millions of dollars in compensation rightly outrages taxpayers who are footing the bills.  But, what about Golden Parachutes for retired auto workers whose wages and lifetime benefits are helping bankrupt the American auto industry?  Should taxpayers foot the bills for them too?

 

Congress has already given the auto industry $25 billion, supposedly to defray the costs of re-tooling to meet new Federal economy standards.  Now the big three automakers are back at the trough demanding another $50 billion, at least half of which is earmarked for the UAW and retired auto executives.

 

Labor costs for GM are reported to be about $78 per hour while Toyota spends about $43 per hour.  Is it any wonder that GM's share of the auto market has fallen through the floor while Toyota's has increased?  Clearly, it makes no sense to bailout an industry whose business model is so obviously flawed.

 

American employment figures, home values and retirement accounts are all dropping like a stone.  Yet one group of workers expect that their lifetime benefits should continue uninterrupted at taxpayer expense.  So much for "shared sacrifice".