GM

General Motors says it will offer buyouts to all 74,000 of its US hourly workers. The company won't say how many workers it expects to accept the offer or how much the buyouts will cost, but it will be able to replace up to 16,000 nonassembly workers represented by the UAW with new employees who will be paid half the old wage of $28 per hour.

For a 40-hour week, $28 per hour comes out to $1,120 per week. Half of that would be $560 per week. Saving $560 per week times 52 weeks times 16,000 people comes out to ... $465,920,000 per year in salaries, not counting overtime or benefits.

Ford and Chrysler have offered similar buyout offers, according to the AP.

GM's cutbacks come a few days after the latest Consumer Reports gives a glowing review of the Chevrolet Malibu.

"The redesigned Malibu now ranks among the best family sedans, just below the Nissan Altima, Honda Accord, and Toyota Camry," the March issue says on Page 56.Another GM story that moved yesterday on AP:

DETROIT (AP) — General Motors Corp. reported a $38.7 billion loss for 2007 on Tuesday, the largest annual loss ever for an automotive company.

Now, $465.9 million won't make up for $38.7 billion, but it's a piece of the puzzle.

It looks like the American auto industry is moving back toward reality in its labor costs. I haven't read enough to know what legacy costs the automakers still have with their older and retired employees. But if domestic manufacturers are to succeed, they will have to make cars people like me -- who have no brand loyalty -- want to buy.

My old Jeep Cherokee (yes, I'm still grieving) was a fine vehicle for doing what it was supposed to. And my Ford Escape gets me around in bad weather, which is why I bought it. I really need to find a way to buy a van soon.

For the record, in my life I have bought three Volkswagens, two Fords, one Honda, one Dodge and one Jeep. I wore out two of those vehicles. I sold two to relatives. Three were totaled in accidents, and I still drive one.