Doesn't that kind of indicate that they might be close to having to declare for outright bankruptcy if they hadn't gotten that tax cut? I mean they are in serious financial jeopardy even with those savings. Personally I hope they just let GM just fail this time, it's clear they don't know how to run a car company.
How often do companies that are doing well end up cutting jobs and downsizing? Usually when companies feel the need to "reinvent" themselves and fire a quarter of their executives it's because they aren't doing very well or feel that they are heading in a bad direction fiscally. Companies that are doing well would just add a different wing to the company rather than a complete restructure. Anyway, I could be wrong.
They are a public company, you can go look at the financials. GM is cutting jobs, but not really downsizing.
Perhaps this is just semantic disagreement. To me when a company closes 9 plants, halts production of several of their products, and lays of more than 10% of their employees including 25% of the companies' executives in order to save 6 billion dollars, I call that them downsizing as part of a company wide restructure. I'm fine blaming the company's struggles on Trump if it makes people feel better because his trade war nonsense almost certainly negatively affected them
GM, the multi-national co, beneficiary of the Trump tax cut, has been working hard eliminating jobs in the US, but creating jobs overseas !
Thanks for the billion. That tax cut really helped us to create more jobs for everyone Signed General Motors
Tell me how much the tariffs cut into GMs bottom line. But I am sure Trump had no hand in that either
First of all, hell no. And to your second question, of course not. Just as the War on Terror ended and suddenly we were always at war with Russia the moment Trump won the election, those Tea Party deficit hawks that appeared the day after Obama was elected (remember them?) seem to have all magically disappeared.
These things aren't remotely true. Payroll taxes account for over a third of federal taxes and those are regressive taxes.
I guess I should I have put income taxes, but please cite sources if you are going to dispute facts. https://www.bloomberg.com/news/arti...xpayers-paid-majority-of-income-taxes-in-2016 It is mostly regressive, but there is small bump in medicare tax rate the more you make. https://tax.thomsonreuters.com/news/social-security-wage-base-increases-to-128700-for-2018/
If you post incorrect facts without sources, why do I need sources to point out you're wrong? Income taxes are only about half of federal taxes so it's not like it was a small or irrelevant mistake. It also doesn't include state and local taxes, which are also a mix of regressive (sales, property) and progressive (income).
It's because there's no market for small cars, so those are being ousted, Ford has to do the same thing, and small cars are expected to be the electric car market next decade, so what's left is under major restructure. The market for SUVs is up, up up though, so those plants are running 24-7 triple shifts. If oil prices were going to spike up again, we might see small cars pick up, but with Saudi Arabia making a plea bargain on a murder charge, it's pretty unlikely.
GM’s announcement of plant closings comes several months after the automaker warned that Trump’s tariffs on imported vehicles could lead to “less investment, fewer jobs and lower wages for our employees.
Thank God for USCMA replacing NAFTA! I mean, it genuinely is an improvement over NAFTA (compared with the TPP would be the more applicable political question), but I think Mexico made out good in the car manufacturing.
