President Trump and his minions on the Hill gave a gigantic tax cut to rich people and corporations this year, which translated into a $1.5 billion tax cut (approx. ) for General Motors. Supposedly all of this was necessary to make America great again. And to win!
Today, GM announced it was shuttering two U.S. assembly plants and two U.S. propulsion plants. In addition to the U.S. workers at those four plants who will be losing their jobs, 15 percent of the salaried staff at GM will lose their jobs as well.
Here is what Wall Street thinks of the cuts. In short, Wall Street loves it. It realizes this means higher margins and more money for the investors. The fact that labor is once again getting kicked to the curb isn’t the concern of the owners.
Meanwhile, U.S. tax receipts are dropping like a rock, further inflating the country’s debt balloon. Consequently, the Government is having to incur huge amounts of debt that our kids and their kids will have to service in the years and decades to come.
Isn’t it great that U.S. citizens thought it was wise to elect the self-proclaimed King of Debt to the presidency?
All of this winning is exhausting.