Good for GM, bad for the rest of us

While the future is looking up for General Motors and its high-priced execs, it’s anything but good for workers, as the company is moving quickly to slash its labor expenses. Last week General Motors told Wall Street analysts it will take advantage of its new cost-cutting labor agreement with the United Auto Workers to reduce its annual U.S. labor costs by $5 billion by 2011. Wall Street is also pushing GM to close an additional three to four plants. This is happening even though cutting wages and closing more plants can only exacerbate the nation’s overall economic downturn.

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