Trump promised workers he would protect their jobs and that corporations would use massive new tax breaks to benefit their workers. Neither of those happened. Instead, General Motors plans to close multiple factories, lay off even more workers, and failed to invest their tax windfall in American jobs.
BROKEN PROMISES: Trump promised workers they “won’t lose one plant” and that GM would expand jobs. Now, GM is shutting its factories and cutting more than 14,000 jobs.
Washington Post: “GM layoffs pierce the heart of Trump’s #MAGA promise”
Huffington Post: “The GM Layoffs Sure Look Like A Broken Trump Promise”
Associated Press: “Union clings to GM plant in area where Trump promised jobs”
Bloomberg: “GM’s Job Cuts Draw Angry Reaction in Heartland That Backed Trump”
FAILED TAX PLAN: GM has received a $157 million windfall from the Trump tax law so far this year. Instead of using it to benefit their workers, as Trump promised, GM used it to benefit wealthy shareholders.
Detroit Free Press: “In its most recent earnings report for the period ending Sept. 30, GM reported that it had received a benefit of $157 million so far this year thanks to the tax reform legislation passed late last year by Republicans in Congress and signed into law by Trump.”
Reuters: “Even with the higher spending on electric and autonomous vehicles, GM plans to reduce overall annual capital spending to $7 billion by 2020 from an average of $8.5 billion a year during the 2017-2019 period. The automaker has come under pressure from investors to return more cash in the form of share buybacks and dividends.”
Motley Fool: “GM will buy back more stock in 2018… As GM executives see it, the company’s commitment to returning excess cash to shareholders is a key reason to own GM stock.”