Around the Net

Lingering GM Strike Has Ripple Effect On Economy

As the strike by the United Auto Workers against General Motors enters its third week, the economy is starting to feel the effects. Picketers, who are receiving $250 per week in strike pay from the union, are foregoing dining out and vacations  An analysis released last week by East Lansing-based consultant Anderson Economic Group estimates that GM has lost profits of $113 million so far, and is now losing money at the rate of $25 million a day. “Then, too, striking UAW members and workers laid off at GM's supplier network have lost wages totaling $266 million so far, the analysis said," according to the Detroit Free Press. "That translates into an estimated $68 million in lost federal income and payroll taxes.”



Read the whole story at Detroit Free Press »

Next story loading loading..