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Socialism, Debt, Confusion and Uncertainty - General Motors After One Month
Guest Column | By Marion Edwyn Harrison, ESQ. | July 2, 2009
Almost one month ago General Motors Corporation ("GM"), probably quite necessarily, filed for bankruptcy. The recession, noncompetitive operating costs (conspicuously including noncompetitive labor costs) and consumer attraction to other manufacturers' vehicles did it in. Although the United States Bankruptcy Courts generally are competent, it is too early to evaluate GM's future. However, two attributes of the GM near collapse are obvious: (1) Many of the statistics are worrisome. (2) Ownership accurately assumes the quality of socialism.
It politically may be overstating, or just plain unwise, to accuse the Barack H. Obama Administration of a socialistic act. However, inasmuch as socialism is national governmental ownership and control of an industry, corporation or other business structure, the noun socialism unfortunately basically is applicable.
The following statistics have been published in the print media, mostly the generally reliable WALL STREET JOURNAL. That they may not be 100% accurate is irrelevant; they are close enough upon balance to be scary; they all are rounded or approximated.
Total bailout cost. $ 60 billion, $ 49.4 from the Federal Government - hello, taxpayers!; $ 9.5 billion from the Canadian Government.
Board of Directors. Five of 13 appointed by the Federal Government, one by the Canadian Government.
Ownership. 60% our Federal Government, 12% by the Canadian and Ontario Governments.
Motor vehicles. Some brands may become Chinese corporate property. Only Buick, Cadillac, Chevrolet aka Chevy, GMC may survive in-house.
Factories. Fourteen closed or idled.
Creditors' roles. Complicated, implicating the United Autoworkers Union ("UAW"), its retiree health fund, notes, preferred stock, so forth.
Labor costs. To be reduced, a goal of $1.5 billion annually.
UAW health-care trust. $ 600 million annually to continue to be paid to it.
GM pension funds. Grossly - $ 13 billion - underfunded. A task for the Bankruptcy Court, perhaps another taxpayer donation a few years hence.
Dealerships. Many closed, more likely to be closed.
So much for a statistical sampling. Potential problems are manifest and mostly novel. Among them: What do the Feds know about running a motor-vehicle manufacturing company? What are the international trade implications in view of the fact the Federal Government owns the majority interest in GM? What are the aspects and considerations, trade and diplomatic and otherwise, involving foreign imports, GM jobs moved to cheap-labor countries, so forth? To what extent could or should the Fed-controlled GM be favored over Chrysler, Ford or any other domestic manufacturer or importer of competing motor vehicles?
Truly, socialism can breed confusion - and likely worse.
Marion Edwyn Harrison is President of, and Counsel for, the Free Congress Foundation.
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