What’s Going On With GM?

Matthew McMullan

Matthew McMullan Communications Manager, Alliance for American Manufacturing

In 2017, Congressional Republicans passed and President Trump signed what the Washington Post described as “the most significant overhaul of the U.S. tax code in 30 years.”

 
Paul Ryan@SpeakerRyan
 

When I was chair of @HouseBudgetGOP, we began to change the debate with the Roadmap for America’s Future. Now, all these years later, those early ideas of tax reform have become law and hundreds of millions of Americans are better for it.

Less than a year later, a flagship American corporation, General Motors -- proud recipent of approximately $50 billion in federal assistance after the Great Recession -- took its reduced corporate tax rate and announced plant closures in Ohio, Michigan and Maryland. Lots of layoffs. If only we had seen it coming! 

 
NowThis@nowthisnews
 

This tax expert warned Congress that the GOP tax bill could lead to outsourcing. GM just announced more than 14,000 U.S. layoffs

Oh man! Maybe the president should have read that tax bill he signed a little more closely.

Anyway: After GM caught a ton of heat for its downsizing plans it deigned to offer laid-off workers the opportunity to move into other positions at factories elsewhere.

Mary Barra@mtbarra
 

I understand how GM’s recent news is affecting our colleagues, families and communities. Our focus remains on helping employees…

But the United Autoworkers, which represents workers in GM factories, is claiming the company is instead filling those positions with temps. That's a savvy business move by GM; you don’t have to extend to temps benefits like health insurance.

So what’s the buzz about GM today? Crunching the numbers to see if domestic manufacturing jobs can be saved? A close scrutiny of whether shareholder-servicing isn't the best way to run a company? Nope, the buzz is this:

Bloomberg@business
 

Should General Motors scrap its name? Morgan Stanley says maybe https://bloom.bg/2CVmBs7 

 

Should General Motors Scrap Its Name? Morgan Stanley Says Maybe

General Motors Co. management may want to contemplate a name change to get investors thinking differently about the more than century-old company that’s trying to transform itself.

bloomberg.com

Yes, that's right: “General Motors Co. management may want to contemplate a name change to get investors thinking differently about the more than century-old company that’s trying to transform itself,” reads the opening paragraph in a Bloomberg story.

Talk about misaligned priorities. The layoffs will take effect in March.

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Reposted from AAM

Posted In: Allied Approaches, From Alliance for American Manufacturing

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