While America Aged
The three stories told in the book (“While America Aged” by Roger Lowenstein) reminds me of the classic tales of a man selling his soul to the devil in return for riches and power. When the devil returns after the contract period to collect his “new” soul, the man desperately tries to avoid the fate he agreed to.
The first story is about General Motors (GM). As the unions became more powerful and smart, they demanded “future” benefits instead of large immediate pay increases. These future benefits included pension plans, health plans and retiree health plans. GM was always desperate to […]