Monday, November 26, 2018

GM to lay off 15,000 workers

Remember when Dump promised this wouldn't happen? It's happening and it's Dump's and the Repugnantan's fault with their disastrous tax scam, as it failed to require companies to keep their production in the US and they are not.

Here is Sanders analysis:

"This year, General Motors received a $514 million tax break as a result of Trump’s tax giveaway to the wealthy. But instead of using that money to raise wages, increase benefits or add more jobs it is doing the exact opposite. Today, GM announced that it would be laying off nearly 15,000 workers and close plants in Michigan, Ohio and Maryland to “increase the long-term profit and cash generation" of the company. That is outrageous. Let’s be clear. GM is not a poor company. It is not going broke. So far this year, GM has made a profit of $6 billion and had enough money to spend $100 million on stock buybacks to enrich its wealthy shareholders. Last year, it gave its CEO a $22 million compensation package – 295 times more than the average GM worker makes. Under Trump, it has also received $600 million in lucrative federal contracts. Government contracts should be going to companies that create jobs in America, not to businesses that are eliminating them. The corporate greed of General Motors is destroying the social fabric of America."

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