Automakers’ Electric Vehicle Lie
Submitted 1 year ago by tintory@lemm.ee to workreform@lemmy.world
https://www.levernews.com/automakers-electric-vehicle-lie/
Submitted 1 year ago by tintory@lemm.ee to workreform@lemmy.world
https://www.levernews.com/automakers-electric-vehicle-lie/
protovack@lemmy.world 1 year ago
i like the sentiment, but im not sure the authors really understand the stock market or economics. the reason they do stock buybacks is part of an overall tightening strategy, to gain leverage, and be more able to respond to black swan market events. executive compensation is a drop in the bucket of the overall cash flow. there are very real risks involved in running huge auto businesses…although to be fair…the prospect that you’ll be bailed out by taxpayers makes all of that null.
unfreeradical@lemmy.world 1 year ago
The risks faced by executives and billionaires is a joke compared to the risks faced by working people.
protovack@lemmy.world 1 year ago
really not true at all. businesses fail and if a large business fails, everyone loses. that’s why they get bailed out. labor costs at the big 3 are much higher than other automakers, and capitalism involves competition. if their labor costs are too high, they can’t compete, and other non-unionized automakers will over-take them. but its such a core part of our economy and national security, that they cannot be allowed to fail, so the government steps in. the unions know that, and they take advantage of it knowing they can get paid more because its a valuable industry. GM workers make much more money and have better benefits than virtually all other assembly line workers in the US in other industries, despite it being basically the same job requiring the same skills. I agree with worker organization and unions, and i overall support them but the net effect of their actions is exactly what sends manufacturing outside the US.