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Delphi may be the world's largest maker of car parts, but that's just a hobby. Its balance sheet looks more like that of a pension fund and a health-insurance provider. Delphi's unions have negotiated such generous benefits for their aged that a worker who makes $25 an hour costs the company $65 an hour once he retires. Delphi's pension obligations alone are estimated at $8.5 billion, roughly $4.3 billion of which is unfunded. It is not surprising that this cost structure has driven Delphi into Chapter 11 bankruptcy, and it will not be surprising if others follow: GM is thought to have unfunded pension obligations totaling some $31 ...