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| Debunking the myth of the $70-per-hour autoworker
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Updated On:
Mar 03, 2009 (16:10:00)
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The Assembly Line November 25, 2008 New Republic (links to outside webpage - complete article)
By: Johnathan Cohn If you've been following the auto industry's crisis, then you've probably read or heard a lot about overpaid American autoworkers -- in particular, the fact that the average hourly employee of the Big Three makes $70 per hour.
That's an awful lot of money. Seventy dollars an hour in wages works out to almost $150,000 a year in gross income, if you assume a 40-hour work week. Is it any wonder the Big Three are in trouble? And with auto workers making so much, why should taxpayers--many of whom make far less -- finance a plan to bail them out?
Well, here's one reason: The figure is wildly misleading. But....you'll have to check out The New Republic (links to outside webpage) for a continuation of this story.
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