GM memo: We must cut costs, can't wait to see what happens in industry

[TexasTowelie]

More details are trickling out on General Motors' plans to cut costs and eliminate thousands of jobs.

In a memo labeled "leader talking points," the company acknowledged that "this is big news and may have caught you and others by surprise."

Noting strong third-quarter earnings, the memo says, "We can't confuse progress with winning.

"Today, our structural cost is not aligned with the market realities nor the transformational priorities ahead. We must take significant actions now while our company and the economy are strong," it said.

Read more: https://www.freep.com/story/money/cars/general-motors/2018/11/03/general-motors-memo-buyout/1859186002/

[duforsure]

1. Trump's and the gop policies and tariffs will

Cause all auto industry here to lose badly and close down plants here and move , or go out of business , especially when the tariffs and trumps new NAFTA takes hold driving cost of a car to go up $4k-$8 each. Then the American people will be hit again with much much higher costs to own a new car.

[Crutchez_CuiBono]

2. 4-8K...

And that's on top of already ridiculous costs of cars who's majority of the profits go to shareholders, not workers. 50K for a damn pickup truck w a radio, is beyond the pale. How ya liking trump now Auto workers who thought they were the UMC and voted trump? It's going to hurt. GD it. Union folks vote BLUE no matter who. I think the UAW etc got a little over their skis. I know auto workers who thought they were safe. Guess what? Pres Obama isn't here to help us now. You reap what you sow. Save your sheckles.

[JustABozoOnThisBus]

3. It looks like this round of layoffs is salaried, not UAW.

But yeah, union folks SHOULD vote blue, no matter what. But I suspect some have lost their roots.

BTW, auto industry SALARIED workers should also vote blue. Whatever benefits they have, they got because executives decided to match the benefits of UAW contracts, not from the goodness of their little hearts.

Solidarity forever.

[Crutchez_CuiBono]

4. Totally agree

Blue collar ALWAYS gets it. If this round is white collar, blue is probably the "round of lay offs before...and AFTER. Hope not. I concur completely. Have a good Sat.

[Sherman A1]

7. Agreed

Too many Union folks fail to look at the long term economic problems brought to them repeatedly by GOP anti worker policies.

[Srkdqltr]

5. History?

This is what happened before the last recession. History repeats.

[Crutchez_CuiBono]

6. I sure hope not. China looks to be having a real Renaissance

w all our middle class money.

[Sherman A1]

8. I listened to a speech by Joe Biden at a campaign rally here for

Claire McCaskill and I’m a whole lot less worried about China than I was. They have some serious internal issues with which to deal and may very well not be the big bad problem we have been led to believe.

[Crutchez_CuiBono]

9. Whats done is done. But, the populace sure looks like contented employed Americans

from the 70s. I'm past my working years but worked in many factories and I did so happily bc I believe in making a living. Standing in a shop punching parts is no cake walk. I just wish our younger generations had the fall-back option if school doesnt work out. Afterall, we taught the world how to manufacture.

[Sherman A1]

10. According to Biden

They have some very serious water resource issues, health related issue and environmental ones as well. The world isn’t all rosy for the folks in the Far East.

I too have passed my working years with over 4 decades in a Union Retail Shop. As you mentioned, no cake walk at all.