When is a profit not really a profit?

The title today is linked to an interesting story about the American Axle strike that is hobbling GM and other manufacturers right now. I won't retell the story, as the link does a much better job than I could, but it reminded me of a few publications I have worked for over the years. How many times have you been told that the company just isn't making it, despite declining overhead and increased sales? Our economic problems are very real, but how many times have you felt like you were being fed shit so that someone up the ladder could throw a few more Omaha steaks in the freezer?