GM Cuts Medical Coverage for Retirees

As our economy continues to dwindle as Main St. and Wall St. continue to falter and we feel the pain, yet another company adds to the dog pile.

The Wall Street Journal reports that General Motors will discontinue medical coverage for retirees and will no longer include coverage for new employees. The article continues to mention that employees of GM that are considering retirement or have recently retired should plan to work part-time until they are eligible for Medicare.

Even if employees have built up benefits for retirement they will be cut off. GM will supplement the discontinued medical insurance with an extra $300 in retiree pension checks. This may help for some but we will see a greater burden on those that are very ill in their old age.

Thanks GM. Thanks America. Thanks capitalism.

Viva La Revolution!