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What Ails GM
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Health care for retirees and their families -- there are 2.6 of them for every active worker -- is 69 percent of GM's health costs. GM says it has $19.8 billion in cash, and normal mortality rates will reduce the ratio of retirees to active workers. Meanwhile, Rick Wagoner, GM's chief executive, can only muse, "It's strange. When I joined GM 28 years ago, I did it because I love cars and trucks. I had no idea I'd wind up working as a health care administrator."
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Full, and pointless, disclosure: Mrs. Will is a consultant to the Japan Automobile Manufacturers Association. She drives a Cadillac.
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