Along with Ford Motor Co. and Chrysler LLC, GM is staggering under a combined $114 billion in retiree health liabilities shouldered as workers hold the union and companies to the promise of a pension and lifetime health care.I've predicted for years now that we will have nationalized medical care, done under the guise of saving US manufacturing. I don't think it matters at this point whether it's Obama or McCain, it is coming. It will be sold to us as the patriotic thing to do (The "US Manufacturing Rescue Act of 2009"), complete with concerts from struggling artists like John Mellencamp and Bruce Springsteen, who will create some annoying song with lots of other wealthy musicians. Watch as the Big 3 jettison their pension plans onto us taxpayers, then dump the cost for medical insurance onto our laps. And quite frankly, with $700 billion (most likely far more) billed to our children for bailing out the Wall Street morons, nationalizing medical care and bailing out pensions is small potatoes.
Any politician who says this is not our future is full of crap. It is coming, and you few remaining libertarian capitalists out there will be soothed with the dulcet government refrain of "There now, that wasn't so bad, was it?" as the IV drip is inserted.