Something happened in the auto industry recently that was mostly overlooked by the mainstream media – but which may have huge implications for the industry and the United Auto Workers union.
Seven years ago, the UAW made a concession that I am convinced would have had Walter Reuther spinning in his grave.
They agreed to accept a two-tier wage system under which most new hires would be paid slightly less than half what long-time auto workers made.
Think about that.
This means most of them are earning less than $30,000 a year. Can they buy a house with that salary? Even buy one of the new cars and trucks they build?
You know the answer. Yet the union agreed, because it felt it had no choice.