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GM Is Proof to the World That Slashing Wages Isn’t the Ticket to Profitability
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Dec. 5, 2018 | ECONOMY | General Motors just gave its workers a lot less reasons to feel grateful, announcing right after the Thanksgiving holiday that the automobile manufacturer planned to cut its salaried workforce by 15 percent, to dump most of its car models and to kill off five North American plants…some of GM’s problems have been self-inflicted, given its patchy record on safety matters and its abhorrent downplay of the resultant accidents. The company also put some of the blame on Trump’s steel and aluminum tariffs, which they claimed added about $1 billion in additional costs. Upon closer inspection, however, the layoffs can’t simply be dismissed as an inevitable byproduct of globalization, or the impairment of free trade. There is something else going on here… AlterNet
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