GM slashes production and jobs
DETROIT (Reuters) - General Motors Corp. said on Monday it would cut 30,000 North American manufacturing jobs and close a dozen plants as it struggles to compete with fast-growing rivals led by Toyota Motor Corp.
The cuts affect about a quarter of the North American factory work force at GM and are the deepest since it eliminated 21 plants and 74,000 jobs over four years beginning in December 1991.
GM and its crosstown rival Ford Motor Co. have both been grappling with high health-care and materials costs, loss of U.S. market share to foreign rivals, and slumping sales of large SUVs that used to be their profit centers but have lost popularity as gasoline prices rose.
Ford, which saw its debt ratings cut to "junk" status earlier this year along with those of GM, is expected to announce its own cuts in North American manufacturing jobs and a series of plant closings by no later than January.
A better world is here, but not for the American worker. More evidence that the non-negotiable way of life that Americans deign to enjoy should have been negotiated prior to disaster.