Nate Sez: It’s about Legacy Costs
Nate, who is more of a Michigander than I am, drew this not-pretty picture of GM’s operating margin over the last half century. He explains that this picture shows that GM has been using healthcare and pension promises to put off the time it registers these real costs on its balance sheet as a way to get the benefit of labor but put off paying the true costs of it.
GM was
