“Delphi is simply a flashpoint, a test case, for all the economic and social trends that are on a collision course in our country and around the globe,” says Steve Miller, the CEO of Delphi, the auto parts giant that recently filed for bankruptcy. With pressure on unions to accept painfully deep pay cuts — two-thirds — or lose their pensions, Miller is, in the words of economics writer Daniel Gross, “kicking off what is sure to be one of the great cram-downs in America history.” In fact, Gross argues, Millers is a leader in the re-proletariatization of the U.S. workforce. Read Gross’ article, which originally appeared in the online journal Slate. You may read the article at the link below.
http://www.slate.com/id/2127863/Daniel Gross (danielgross.net) writes Slate’s “Moneybox” column, where this piece originally appeared. You can e-mail him at [email protected]