Yeah, Mitt, that Big Auto bailout sure was a bad idea. Now even the little people have some money to spend. The end of the world must be near for the Romney's of the world who can't understand the importance of the middle class having work and having some money to spend. Bloomberg:
Mike Green says he already knows how he’s going to use a $7,000 profit-sharing check from General Motors Co. (GM): He’ll help his son buy a new car, throw him a graduation party and sock some money away in the bank.
“A lot of people are going to catch up on stuff,” said Green, president of UAW Local 652 in Lansing, Michigan, where GM builds Cadillacs. “People haven’t really had a raise since 2005. It’s kind of nice we get to reap some of the rewards now.”
The rebound in carmaker profits is putting money into the pockets of U.S. workers after years of belt-tightening. GM yesterday reported a record $9.19 billion in net income for 2011, which will mean profit-sharing bonuses of as much as $7,000 for 47,500 eligible UAW members. That’s an all-time high for GM, and up from an average of $4,300 for the company’s U.S. union workers last year.