Sunday, November 30, 2008
Wednesday, November 26, 2008
"What that $70 figure (or $73) actually represents is what it costs GM in total labor expenses, on an hourly basis, to manufacture autos.
Do you see that there's a big distinction? General Motors doles out $70 an hour in overall labor costs to manufacture cars. But individual employees don't get paid $70 an hour to make cars. (The discrepancy between costs and wages is explained by additional benefits, pension fees, and health-care costs GM pays out to current and retired employees.)
Simply put, GM's labor costs are not synonymous with hourly wages earned by UAW employees. Many in the press have casually used the two interchangeably. But they're not.
Felix Salmon at Portfolio did perhaps the best job explaining the misinformation at play:
The average GM assembly-line worker makes about $28 per hour in wages, and I can assure you that GM is not paying $42 an hour in health insurance and pension plan contributions. Rather, the $70 per hour figure (or $73 an hour, or whatever) is a ridiculous number obtained by adding up GM's total labor, health, and pension costs, and then dividing by the total number of hours worked. In other words, it includes all the healthcare and retirement costs of retired workers. [emphasis in original]"
Tuesday, November 25, 2008
Monday, November 24, 2008
Saturday, November 22, 2008
Friday, November 21, 2008
Thursday, November 20, 2008
Tuesday, November 18, 2008
Friday, November 14, 2008
Good Morning, all. As I noted on my last post I suddenly found myself with a time sensitive project. I thought I had three weeks to leisurely finish the quilt I was making for my sister's 50th birthday but suddenly had only four days. Here it is. I call it 'My Sister's Garden.' I had the major portion done including the trailing vine. All I had to do was make the soft sculpture butterflies and flowers and add them along with the little gold leaves. Here is a close up. It turned out rather well and made a splash at the party last Sunday.
Thursday, November 6, 2008
Monday, November 3, 2008
Now, of course, the bill collector is at the door and the property -- the USA -- is worth a good deal less than on November 4, 2000. George W. Bush is a discredited president; his job approval ratings could hardly be lower; his bubble world gone bust.