FOR YEARS General Motors told us that it spent more on health benefits than on steel. Apparently some folks in Washington decided to "solve" that problem by calling for a restructuring that will likely cut back (if not out) health benefits for early retirees. GM will have to reduce its healthcare expenditures.
Who would have believed that the actions of a Democratic president could finally get GM into a situation where it spends more on steel than on healthcare, and ask us to consider that as real progress?
