Bankruptcy is the catharsis the American auto industry needs

Bankruptcy allows the car companies to shed many of the burdenous liabilities that are their current problems, namely their union contracts. It’s time everyone in the industry feels some pain, and enters the 21st century of retirement benefits. Welcome to the world of the defined contribution plan, not the defined benefit. The auto industry needs to wake up to the current workplace reality, where one pays for his or her retirement benefits.