Years ago I worked in a tire plant as summer help when I was an undergrad. I happened to be there when there was a "state of the company" address. At that time, decades ago, we were told that with the technology in manufacturing and capacity in place the tire industry had the ability to build ten new tires for every six new tires that were needed!
If that was the case then, I can only imagine what it is today with the improvements in technology and the increased wear. With companies like General Motors spending more on retirees than on any other aspect of their business, it's hard to fault any company for trying to stem that tide so they can continue to be in business and be able to pay anybody andything.
Before you start talking about greedy owners, etc., realize who those owners are. The two single largest groups of owners of stock in publicly held companies in America are widows and pension funds. That having been said, flame away, but try to do it logically.