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President Trump and the Republican-led Congress rammed through a $1.5 trillion tax cut this year that they promised would bringing manufacturing jobs back to the United States. In fact, saving US manufacturing was a pillar of Trump’s 2016 campaign.https://www.washingtonpost.com/business/economy/gm-layoffs-and-plant-shutdowns-suggest-us-economy-may-be-starting-to-slow--and-dent-trumps-claim-of-an-industrial-renaissance/2018/11/26/39533566-f1ba-11e8-80d0-f7e1948d55f4_story.html?utm_term=.e9328eb0cfd9 …
Every day since that tax cut passed we have gotten more and more frustrating news about shareholders hoarding their windfall while corporate executives stick it to working people. Yesterday’s news from General Motors is just the latest example.
GM saved $500 million from the Trump tax scam. Instead of expanding, they used $100 million of that on stock buybacks to pad the pockets of wealthy shareholders. Monday they announced that they will close 5 plants and lay off 15,000 workers to further expand their profit margins.
These cuts will devastate the communities built around these plants. Many people in these communities voted for Trump, who lied to them about protecting their jobs. Trump’s response? Blame China, blame Obama, blame immigrants.
Make no mistake, the President’s efforts to foment fear of immigrants is a classic tactic to deflect criticism for the failed economic policies of the Republican party.
Examples of corporate greed like we’ve seen this week will continue to occur until we restore economic fairness -- including a tax system that emphasizes workers and real job creation over Wall Street excess.
And how'd that work out?
#Trumptaxcut Plus I love the added bonus of the ballooning deficit it created.
@realDonaldTrump gives GM tax break, GM buys back their stock , and to prevent stock value loss, lays off workers and shuts plants in lieu of loosing stock value! No concern for the workers as money is the goal! Ask our president @realDonaldTrump as his values are the same!
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