Doris Wamsley, a 78-year-old widow in Flint, fears she'll one day have to
choose between cable television and prescription drugs.
I'm sorry but this example does not incite much pity from me. I myself don't have cable TV--I prefer to spend my money elsewhere.
There no choice between medecine and TV, and it was a really stupid example.
"There were smart people who saved their money -- and I was not one of them," said Sanderson, smoking a Marlboro in the living room of his tidy one-story home in the Cleveland suburb of North Ridgeville, Ohio. "It just goes back to being
stupid enough to believe we were going to get all the stuff we were promised."
Right! Now we are getting somewhere--how can anyone assume that things are never going to change? Just because GM promises lifetime benefits which are among the most generous in the corporate world doesn't meen you can count on them.
Any more than you can count on Social Security for your retirement. That's why I have a 401(k).
Don't get me wrong. I don't want to see widescale impoverishment of our aged retirees. However, the retired population is the most affluent segment, as a whole. And the economic destruction that will occur if GM goes under will be much more painful than adjustments to benefits now.