G.M. Goes, So Goes the Thesis

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Both American and international consumers, fearing for their jobs as the unemployment rate continues to escalate, are unwilling to make major purchases such as new cars, particularly from a company that is perceived as making 'gas guzzling' vehicles like G.M. Credit also remains difficult to obtain from banks, and few consumers can afford to buy a new car with cash. Even consumers with secure jobs are concerned about the price of gas, and may shy away from buying from a company that has come to symbolize wretched excess.

There is some bright news, however. For example, one of the greatest drains upon G.M in recent decades has been the extensive pensions and benefits it must pay to retired and current workers.

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New labor agreements with the United Auto Workers (UAW) include: "modifications to the Voluntary Employee Beneficiary Association trust for retiree health care, and other wage and benefit concessions designed to make G.M. more competitive" (UAW, 2009). But even with such new agreements, G.M. must still compete with foreign manufacturers that have nonunionized workforces and whose governments provide healthcare and pensions for all of the nation's citizens. No matter what, there will be a great deal of pain for G.M. workers. G.M. plans to cut up to 21,000 more factory jobs, which means G.M. will have fewer than 40,000 workers building cars in the United States (Vlasic & Bunkley 2009).

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