Bill Clinton passes NAFTA and it decimates American manufacturing over the next 25 years…
Up until present day when GM spent 10 billion on stock buybacks and now wants to cut 14,000 jobs and close 5 plants for a savings of 4.5 billion… This is after the tax payers bailed them out for 11 billion in 2016.
but Trump is blamed by GM and the media, for trying to claw back the trade deficit from decades of Democrat and Republican sabotage.
Unlike 2008, GM cutting jobs, plants proactively
Restructuring plan met with anger, except on Wall Street
Michael Wayland December 03, 2018
…The most recent actions included plans to cut 15 percent of its 54,000 North American salaried jobs, including a quarter of its global executives, and to end production at five North American plants in 2019, when it will discontinue the Chevrolet Cruze and five other cars. GM said it also would close two unidentified plants elsewhere in the world by the end of next year….
GM bought back $10 billion in stock since 2015, double what job cuts will save
When General Motors announced it was cutting up to 14,000 jobs and idling five automotive plants, it justified the massive cuts by citing long-term savings. The cuts would free up $6 billion in cash, for a net savings of $4.5 billion in cash by 2020.
The move will “make General Motors more agile, resilient and profitable” while the economy’s still revving, CEO Mary Barra told investors Monday. Wall Street seemed to believe her, with GM’s stock rising nearly 5 percent and one analyst on the call congratulating her “on getting in front of the curve here.”
But GM hasn’t exactly been tightfisted in recent years. The company has spent $10.6 billion since 2015 buying back its own shares, according to filings with the Securities and Exchange Commission. Stock buybacks do nothing for a company’s productive capacity. But because buybacks reduce the number of shares on the market and thus make a stock more valuable, they can be popular with many investors as well as senior executives who are paid largely in stock.
GM is far from the only company to spend money. This year alone, corporations have announced some $955.6 billion in buybacks, according to TrimTabs Investment Research, and the figure for the whole year could exceed $1 trillion.
But GM started its stock repurchasing program back in 2015, less than six years after a bankruptcy process that cost U.S. taxpayers $11 billion. (The United Auto Workers and a number of politicians have pointed to the bailout in a vow to fight GM’s planned cuts, though it’s unclear politicians can do anything to change them.)