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Auto Workers: $70/hour, $38/hour, or $28/hour?
But then what's the source of that $70 hourly figure? It didn't come out of thin air. Analysts came up with it by including the cost of all employer-provided benefits--namely, health insurance and pensions--and then dividing by the number of workers. The result, they found, was that benefits for Big Three cost about $42 per hour, per employee. Add that to the wages--again, $28 per hour--and you get the $70 figure. Voila.
Except ... notice something weird about this calculation? It's not as if each active worker is getting health benefits and pensions worth $42 per hour. That would come to nearly twice his or her wages. (Talk about gold-plated coverage!) Instead, each active worker is getting benefits equal only to a fraction of that--probably around $10 per hour, according to estimates from the International Motor Vehicle Program. The number only gets to $70 an hour if you include the cost of benefits for retirees--in other words, the cost of benefits for other people. One of the few people to grasp this was Portfolio.com's Felix Salmon. As he noted friday, the claim that workers are getting $70 an hour in compensation is just "not true."
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Comments
Wage deflation.
DonRobertsonAcross this great land of ours, I'm willing to lay a wager, real money, that if a small advertisement were run in the major newspapers in every city with a population over 10,000 in the country, an ad advertising a menial labor job that offered half of the lowest number cited as being an auto worker's wage, $14 an hour, with absolutely NO benefits, I could have 20,000,000 American employees within a week.
That is 20 million American born employees within a week. That is what I am saying, 20 million Americans would snap up that job at $14.00 an hour.
20 million Americans are ready for work tomorrow, if you can pay them $14.00 an hour.
Here in northern Maine the going rate for wage earners is $8.00 an hour, higher than it is in places like Ohio, but only because Maine's minimum wage is higher than the national minimum wage.
And here in northern Maine you are lucky to find a job, period.
In fact, just about anywhere you are lucky to find a job in this economy.
Our Congress-slime haven't a clue about the extent of the problem in our country.
The government statistics are all lies.
Read it again.
That is 20 million American born employees within a week. That is what I am saying, 20 million Americans would snap up that job at $14.00 an hour.
20 million Americans are ready for work tomorrow, if you can pay them $14.00 an hour.
Detroit can go fuck themselves as far as I am concerned.