Summary

Original source:
http://www.chicagotribune.com/business/chi-0502110179feb11,1,4069796.story?coll=chi-business-hed

Details

• GM chairman collides with health care, trade Wagoner's list of car-cost contributors includes litigation, `overvalued dollar' vs. Asian currencies
• While the Commerce Department in Washington was announcing that the U.S. trade deficit rose to $614 billion in 2004, General Motors Chairman Rick Wagoner on Thursday was telling members of the Economic Club of Chicago why.
• He talked of escalating health-care costs, the weak Japanese yen and the need for controls over litigation abuse.
• Wagoner said GM spent $5.2 billion on health care in 2004 for its 1.1 million employees, which includes more than 430,000 retirees and their dependents throughout the U.S. Health care accounts for $1,500 of the cost of each vehicle GM produces, he said.
• By not having to spend $5.2 billion on health care, Wagoner said Japanese carmakers are able to spend money on bringing new products to market and building new plants in the U.S.
• "Our foreign domiciled competitors have just a fraction of these costs, because they have few, if any, U.S. retirees," he said.
• "And in their home countries, their governments cover a much greater portion of employee and retiree health-care costs."
• Another key to the growing trade deficit, Wagoner told the luncheon audience held in conjunction with the Chicago Auto Show, is that Asian nations are subsidizing their currencies.
• "The U.S. dollar is overvalued versus Asian currencies, primarily the Japanese yen, and is the reason for almost all the loss," he said.
• Another problem for U.S. manufacturers is that they are put at a disadvantage with foreign companies by lawsuit abuse and litigation, Wagoner said.
• "Our nation isn't structured to encourage manufacturing here as it is in Japan," said Jim Hossack, vice president with AutoPacific, Inc., a consulting firm.

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