A GM post

The Cranky Economist is normally reluctant to link to Wall Street Journal content because only Cranky Subscribers can access it. But this week's Business World column from Holman Jenkins is just too good to pass up.

In a nutshell, his argument is that GM is in especially serious trouble because the compounded weight of decades of excessively generous labor contracts is sapping money from R&D. GM has now reached a point where it is cancelling promising new programs because it has to pour so much cash into pensions and health care expenses.

A good point, that, and worth reading in full. If you don't subscribe to the Journal, you should.