GM Cuts Thousands More Jobs After Spending $14 Billion on Stock Buybacks

All according to plan, the scheme will make a few people hundreds of millions if not billions of dollars. Through buybacks and stock increases and tax loopholes, a small group of people fleece thousands, kicking them out of jobs and destroying their livelihoods. Mission Accomplished.

The move will increase GM’s annual free cash flow by about $6 billion by 2020. The company says it will double resources allocated to electric and autonomous vehicle programs by this time. Likely increasing along with replacing workers with robots, automating production.

Workers decided to walk off the job in protest after learning of GM’s plans.

All of the products from the Lordstown, Detroit-Hamtramck and the Oshawa plant where workers walked out, will not be produced by the end of next year.

The announcement came as no surprise to many, with last week’s mass firings of salaried employees seen as just a prelude of things to come.

 

 

Photo: “Untitled” by Andrew Scheer is in the Public Domain

 

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