One of the advantages of living in America is the opportunity to bargain for wages, whether you are part of a union or not.
Over the past decade, union executives did a better job than management. However, now that GM and Chrysler have gone bankrupt, everyone has had to come to the table to make financial sacrifices. Wage packages had to be adjusted accordingly. What better opportunity than when there is a bankruptcy involved? I pity Ford Motor Co., which did not ask for government money and cannot get comparable concessions.
Consider these myths before you hear your next dosage of the wrongs of the Detroit 3 or the auto industry.
One thing is certain: Over the next several years, there will be countless books, case studies and articles written about the plight of the industry, the restructuring and the lessons learned.
There is no doubt that this is an industry in transition. In the upcoming months, we will see whether the love affair between consumers and Toyota is over, the auto bailout money from taxpayers was a wise investment or just a postponement of the inevitable, and whether North America will be able to support a vibrant and once-prosperous industry that provided a great livelihood for many.
For the sake of the next generation, I hope we can. The future prosperity and the numerous economic benefits for Americans and Canadians are riding on it.