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GM is back, thanks to Uncle Sam
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Issue
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Sep 22, 2011 12:14am |
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| Category | Commentary |
| Media | Newspaper - Washington Post |
| News Date | Wednesday, September 21, 2011 06:00:00 AM UTC0:0 |
| Description | By E.J. Dionne Jr., Wednesday, September 21, 7:49 PM
Have you noticed that one of the Obama administration’s most successful programs is also its most “socialist” initiative?
Okay, the bailout of General Motors and Chrysler was not socialist in the classic sense: The government was not looking to hold on to the companies over the long run. Their turnaround was accomplished in significant part by tough, capitalist management steps.
But, yes, this was socialism — or, perhaps, “state capitalism” — because the government temporarily took substantial ownership in the companies when no one in the private sector was willing to put up enough capital to prevent them from going under. Today, the companies are thriving.
More than that: The auto industry exemplifies how unions can do their best to protect the interests of their members while also ensuring the prosperity of the companies that employ them.
This month, the United Auto Workers and GM reached a tentative four-year contract that will add or save some 6,500 jobs, provide workers with a $5,000 signing bonus and enhance a profit-sharing agreement.
Note that increase in profit sharing. The union and the company are seeking to align the interests of workers and shareholders. The idea should be as American as a Chevy or a Ford: When a company does well, its employees should do well, too. |
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