In these difficult economic times, auto workers “cut to the bone” at $55 an hour
The North American auto industry is in dire straits. The economic situation is so difficult for them that they have been forced to go to their workers unions and ask for reductions in salary and benefits. In fact, these reductions are a condition of the U.S. federal government emergency loans. So it is with great relief that I have found in today’s news an update: Ford has managed to negotiate a reduction in the average hourly wage (including benefits) of their UAW employees down to the barely survivable level of $55 an hour.