GM to halt production at 5 plants in U.S. and Canada, cutting up to 14K jobs

Views: 385
Posts: 21
 
Veteran
Participation Meter
Joined: Mar, 2004
Posts: 4397
#1 Report User
Posted:

General Motors will lay off up to 14,000 factory and white-collar workers in North America and consider closing up to five major plants as the auto giant restructures to cut costs and focus more on electric vehicles and autonomous cars.

 

GM said it would halt production at three assembly plants: Lordstown Assembly in Warren, Ohio; Detroit-Hamtramck Assembly in Michigan and Oshawa Assembly in Ontario, Canada. It also plans to close transmission plants next year in White Marsh, Maryland, and Warren, Michigan, the company said in a news release.

 

Trump promised auto jobs will return in Ohio and Michigan

 

MAGA an_beatup

 
Veteran
Participation Meter
Joined: Mar, 2004
Posts: 4397
#2 Report User
Posted:

Tariffs and Tax cuts making America Great 
 
Veteran
Participation Meter
Joined: Mar, 2004
Posts: 4397
#3 Report User
Posted:

Farm bankruptcies are on the rise in the Midwest, and bankers worry that far more are on the way



Eighty-four farms filed for Chapter 12 bankruptcy in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the 12 months that ended in June, according to a new analysis from the Federal Reserve Bank of Minneapolis. That’s more than double the number over the same period in 2013 and 2014, and the number of bankruptcies in Minnesota doubled over the past four years from eight to 20.

http://www.startribune.com/farm-bankruptcies-are-on-the-rise-and-bankers-worry-that-far-more-are-on-the-way/501157191/
 
Veteran
Participation Meter
Joined: Mar, 2004
Posts: 4397
#4 Report User
Posted:

The worst ag banking conditions were in states with the heaviest concentrations of corn and soybeans. Almost all bankers in those states reported that farmers plan to sell land or equipment to try to make loan payments.

In the Minneapolis Fed’s Ninth District, Wisconsin was responsible for 60 percent of all bankruptcies last year.

Bankruptcy is not the only measure of stress in the farm economy. The dairy industry, especially, is struggling, and many dairy farmers are skipping bankruptcy and leaving the business altogether.

The number of licensed dairies in Wisconsin, for example, has fallen by about 1,200 — or 13 percent — from 2016 through October of this year, according to federal and state data.


 
Legend
Participation Meter
Joined: Dec, 2003
Posts: 37075
#5 Report User
Posted:

Donald J Trump's president disapproval rate just hit whopping 60% in Gallup's weekly poll today, you have to wonder it would spike higher after GM's layoff news release. 
 
Legend
Participation Meter
Joined: Dec, 2003
Posts: 37075
#6 Report User
Posted:

It appears Gallup's weekly presidential approval rate poll was way ahead of the GM's layoff news.
 
Captain
Participation Meter
Joined: May, 2007
Posts: 9382
#7 Report User
Posted:

Piggy the bully is now threatening to take away GM'S subsidies. He doesn't realize  Congress is needed for this. How ignorant.

What a dope! 

 
Covers Linesmen
Participation Meter
Joined: Feb, 2003
Posts: 53185
#8 Report User
Posted:

Good thing GM used the freebies to buy back stock and enrich bonuses for their execs instead of planning on a change in oil prices and a slowdown in business.

American automakers seem to repeat behavior over and over...leverage and spend too much during peak times and not prepare for trough periods, then stiff the worker and threaten to move production overseas to get more freebies.

Yeah these tax freebies are really paying off for the little guy.

 
Veteran
Participation Meter
Joined: Jun, 2016
Posts: 1153
#9 Report User
Posted:

The supporters are rather quiet today
 
Captain
Participation Meter
Joined: May, 2007
Posts: 9382
#10 Report User
Posted:

Quote Originally Posted by Ramanujan:

The supporters are rather quiet today

Truth sounds like hate to those who hate the truth.

This moron talks about taking away GM's subsidies & yet says he's protecting American workers. He's a relic from a time of ignorance.

Dumb dumb dumb

 
All-Star
Participation Meter
Joined: Sep, 2004
Posts: 10052
#11 Report User
Posted:

# MAGA   # winning 
 
Legend
Participation Meter
Joined: Jan, 2007
Posts: 31472
#12 Report User
Posted:

The government should admonish and put pressure on GM for shutting down plants here and not in China and other foreign countries..

It was10 years ago,that American taxpayers spent about $50 billion to keep General Motors afloat during the Great Recession and they turn around and slap us in the face a few years later.

The government lost $11.2 billion on the deal...no one should be bailed out by the government .. the marketplace should dictate who survives.....fxxx GM.
 
All-Star
Participation Meter
Joined: Mar, 2002
Posts: 10373
#13 Report User
Posted:

GM needs to pay back the $11.2 billion. GE in bad shape also.
 
All-Star
Participation Meter
Joined: Sep, 2005
Posts: 14351
#14 Report User
Posted:

The people running General Motors are pure scum.
 
Captain
Participation Meter
Joined: May, 2007
Posts: 9382
#15 Report User
Posted:

I've been thinking this over. GM workers in Lordstown, Ohio have seen the writing on the wall for at least 2 years. It's UAW reps have also known this closing was imminent. The management teams on both sides have failed the American worker bigly. 

Instead of pocketing Piggy's tax cut & buying back stock, if GM really (which of course they don't) cared about their employees they could have offered sweetened early retirement packages for employees that would help in the transition to another field. Having known they would be leaving their jobs, I'm sure they wouldn't have sent their kid away to college or bought a new house or go on a nice vacation or buy a new truck. I wouldn't be surprised if many live paycheck to paycheck. These folks are in there mid 40's & 50's with backgrounds in the auto industry & not much else. Serious thought must be given in how to transfer their current skills into a new industry while also learning new skill sets. Actually, this should have been taking place once they saw the elimination of the 3rd shift at their plant.  

Collateral damage will be felt in a small town like Lordstown to not only GM suppliers but the local restaurants & retail stores. Most of these workers are one trick ponies with specific skill sets & I would think without a college degree in many cases. Options will be severely limited.

No one is guaranteed of employment. Loyalty in business is not a 2 way street. When you see the writing on the wall, read it or suffer the consequences.

 
Veteran
Participation Meter
Joined: Mar, 2004
Posts: 4397
#16 Report User
Posted:

“We are taking this action now while the company and the economy are strong to keep ahead of changing market conditions,” Mary T. Barra, G.M.’s chief executive, said in a conference call.

is GM getting for the upcoming recession ?

Trickle-down economics,Tariffs and trade wars have consequences .
Tax cuts for corporations and the wealthy (1%) do not increase demand for goods and services.
Tax cuts for the middle class so that they have more money to spend.

Humorist Will Rogers jokingly advised in a column in 1932:

This election was lost four and six years ago, not this year. They [Republicans] didn’t start thinking of the old common fellow till just as they started out on the election tour. The money was all appropriated for the top in the hopes that it would trickle down to the needy. Mr. Hoover was an engineer. He knew that water trickles down. Put it uphill and let it go and it will reach the driest little spot. But he didn’t know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night, anyhow. But it will at least have passed through the poor fellows hands. They saved the big banks, but the little ones went up the flue.

 
Veteran
Participation Meter
Joined: Mar, 2004
Posts: 4397
#17 Report User
Posted:

is GM getting ready for the upcoming recession ?
 
MVP
Participation Meter
Joined: Dec, 2007
Posts: 17866
#18 Report User
Posted:

Apparently whatever the execs didn't grab was poured into those "real people, not actors" ads for Chevrolet. You can't turn on the tube anymore without running into half a dozen per hour. Is Chevrolet either desperate for business or carrying GM on their backs? So, what is going on at GM? Inquiring minds want to know.

an_timeout

 
Captain
Participation Meter
Joined: May, 2007
Posts: 9382
#19 Report User
Posted:

Since 2015, GM has bought back 10 billion in stock which is double what they expect to save in these plant closings/layoffs.

Instead of using these billions to update older plants & reinvest in their employees, GM returned the money to it's stockholders. . 

This year alone, corporations have bought back almost a trillion dollars in stock for their shareholders. Ironically the stock market continues to tumble.

 
MVP
Participation Meter
Joined: Dec, 2007
Posts: 17866
#20 Report User
Posted:

Yes sir; let's put 15 billion in our pockets, take advantage of the corporate and high-end tax cuts, do nothing for America, and get to work on Donald's re-election. If that does not cheer up your pea-pickin little Retardlican heart nothing will.

an_dance

 
Captain
Participation Meter
Joined: May, 2007
Posts: 9382
#21 Report User
Posted:

Boeing & FedEx are offering employees voluntary layoffs & early retirement packages.

AKA...Cost reductions

Desktop View: Switch to Mobile View