The French would be in the streets.
Of course, they are in the streets – but that’s in France. What about here? General Motors just announced it will be closing five plants and firing about 15,000 people – and that’s probably just for openers.
This, by itself, isn’t cause for pitchforks.
Companies sometimes have to lay people off – because sometimes, people aren’t buying what the company is selling. Even when this is the result of mismanagement, it’s a normal part of life in a free economy.
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But GM used the government as its personal Luca Brasi to mulct taxpayers – including those people GM just fired – to the tune of $33 billion back in 2009 – so that those jobs would be saved.
That, at any rate, was the alleged basis for the bailout.
Now GM is cashing out – and that is cause for pitchforks.
The money that GM will save by not paying those 15,000 workers – and not building those cars – won’t be refunded to the taxpayers whose generous, at-bayonet-point “contributions” made it possible for GM to keep its doors open. The money will be pocketed by GM – including CEO Mary Barra, whose annual compensation package amounts to in excess of $21 million. She is the highest-paid CEO of any car company and heads a company that is losing market share, contracting its operations and firing its employees en masse.
Mary Barra isn’t even taking a pay cut.
She will probably give herself a raise – for making GM more “efficient” and giving it the “flexibility” to ” . . . increase the long-term profit and cash generation potential of the company.”
She means cash generation for herself and other executive…