So says the headline of this Business Week article, and basically, if you read what has been revealed about the contract, that is basically the case.
Offloading of health care program to the union
Lower starting salaries for new hires
Reduction in "Jobs Bank" program
A two-tiered wage structure
No wage or benefit reductions (notice, no increase either)
A commitment from GM to invest in US factories (although no specifics are given)
There are some that theorize that the strike by the UAW was simply a ploy to show their rank-and-file members that they were fighting the "man," when all along, they knew they really had a very weak bargaining position. Thus a 2-day, practically meaningless strike.
Capitalism wins, labor loses, there is no other way to read this.