GM's pension plan was drawn up in the early 70's and it was assumed people would work until they were 62 and would probably be dead by the age of 67 or so. What they didn't plan on was guys retiring at 49 and living until they were 82 and their wives living until they're 92. Paying somebody $50,000 dollars in wages and benefits to not work for 30 more years after they retire is not only absurd but will eventually put a company out of business and it has. They went bankrupt.I just watched a special on GM and they talked about this very subject and how the union and GM managment realized they had created a monster after they came up with it. To show you how ridiculous it is the average GM retiree is making more money in wages and benefits here in Michigan than the average working family! We have people all over around here including my own family that are completely off the grid and making much more money than the people that are working.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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