What planet are you living on? GM almost went out of business because the United auto-workers drove up input costs to the point that they could make no profits. Not small profits. NO PROFITS.
You're so blinded by your ideology so you even have to make stuff up.
In reality, GM went out of business because they made cars nobody wanted to buy.
(My theory here is that it was because they were too late to prioritize fuel economy, in turn because the US has artificially deflated oil prices.)
Their European competitors paid their worker higher wages during the same period and they somehow managed to survive. That does not fit your description at all.