The UAW's Jobs Bank ensures unionized, hourly auto workers nearly full pay when they are laid off. Automotive News calls the practice "a powerful symbol of auto industry excess."
Senator Kit Bond of Missouri, who is described as a moderate Republican, told Automotive News that "management, workers and investors are going to have to make sacrifices if they truly want to turn around their companies enough to earn taxpayer help." They say that GM will likely be the first to propose the Jobs Bank elimination.
Republican Senator Elizabeth Dole, who recently lost her '08 reelection bid to Democrat Kay Hagan, said that "the enormous costs in union-required benefits are unsustainable. Renegotiating these contracts would be essential if there were to be hope of keeping these companies afloat."--Colin Mathews