UPDATE: On Thursday morning, Ohio U.S. Senator Sherrod Brown told WYSO he expects an announcement on the new tenant for the Moraine Assembly Plant as soon as Friday. Click here for the news.
It’s been just over five years since General Motors left its giant plant in Moraine, taking the last thousand jobs with it and spelling doom for Dayton’s economy, which once ran on the jobs provided by major industrial manufacturers like GM and NCR.
Lawmakers on Capital Hill Wednesday heard testimony surrounding the Treasury Department’s role in the loss of pensions for Delphi salaried employees, shedding new light on how the decisions were made.
The hearing surrounded a report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)*. It finds that General Motors was pressured by union contracts and time restraints to restore the pensions of union employees, while non-salaried employees lost 30 to 70 percent of their pensions.
Following GM’s pullout of the Moraine Assembly plant, the city lost residents, and an estimated 40 to 50% of its revenue. Five years later the city is working hard to revive Moraine’s economy.
Moraine’s big revenue losses came as a result of losing GM, Delphi and a number of smaller auto parts contracting businesses. To try and compensate for the losses, the city took a number of steps to curb expenditures – Some city employees were laid off, furloughs were implemented for others, and the water park – Splash Moraine- was closed.