Donald Trump isÂ blamingÂ the UAW for General Motorsâ€™ Lordstown, Ohio, plant closing. A Republican blaming a union for a massive companyâ€™s actions is not so surprising, but Trump is claiming that union dues are responsible, which is both strange and ignorant. Union dues are paid by workers to their union; they donâ€™t come from the company. But a new report from Hedge Clippers and the American Federation of Teachers offersÂ a better ideaÂ of who to blame for the Lordstown plant closing.
And guess what! GM, the company that decided to close the plant, says it needs to make $4.5 billion in cutsâ€”through layoffs and plant closingsâ€”to survive. But â€śGM has given over five times as much moneyâ€”$25 billionâ€”to Wall Street hedge funds and other investors in the past four years, including over $10 billion in controversial stock buybacks.â€ť
So, yeah. GM has money for stock buybacks, but not to keep its plants open and its workers employed.
This blog was originally published at Daily Kos on March 23, 2019. Reprinted with permission.Â