The steel industry did it. The airline industry is doing it. Will the Big Three be next? The American auto industry is caught in a soaring cost spiral. Back in the days before foreign auto makers swarmed this market and GM, Ford and Chrysler still commanded 90% market share, they agreed to give their hourly and salaried workers generous benefits – so generous they became the envy of industrial workers the world over. But now that generosity is coming home to roost. GM’s oldest retiree, ...
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