Honest question - how much more is the American worker gonna put up with?
Its like you are all fire hydrants and all your friends are dogs....
1 - GE sheds american workers. There are now more foreigners working for GE than there are Americans.
https://www.marketwatch.com/story/ge-has-nearly-halved-its-u-s-workforce-in-3-years-with-more-job-cuts-likely-11613160793
The global and U.S. totals are now at the lowest levels since at least 1993, the last year for which 10-Ks were available on the SEC’s website.
- S. jobs as a percent of GE’s total workforce dropped to just 32.2% in 2020, down from 53.7% in 2000 and 73.4% in 1993. At GE’s workforce peak in 1999, there were 340,000 employees worldwide, with 57.9%, or 197,000 employees, in the U.S.
2 - Company towns that relied on GE factories to eek out a meager living are desicmated as GE moved factory after factory overseas.
https://capitalandmain.com/how-an-american-family-raised-on-ge-wages-copes-with-income-inequality
General Electric Co. has provided her family members and residents of Massachusetts’ North Shore with that kind of employment for generations at a massive plant that manufactures aircraft engines. But in the last several decades, that social contract has been upended at GE and at many other companies across the country.
3 - GE "leaderships" bone headed decision to go global fk'd it because all those international operations got no benefits from 2017 Trump "tax cuts and jobs act". Of all companies, GE's race to sc--w American workers backfired bigly: https://www.ft.com/content/f8fe426a-030a-11e8-9650-9c0ad2d7c5b5
The reform package cut the main rate of US corporate tax to 21 per cent, but also put limits on international companies’ ability to make use of credits and losses. A new minimum tax on “global intangible low-taxed income”, levied on the earnings of the foreign subsidiaries of US groups, will make it harder to reduce charges by shifting profits to lower-tax jurisdictions. Another new measure, the “base erosion anti-abuse tax”, limits companies’ ability to take advantage of tax credits.
4 - Then, he demanded everyone take a "shared sacrifice" and he slashed your pension;
The freeze comes as GE CEO Larry Culp is trying to urgently repair GE's balance sheet, which is saddled with too much debt because of the company's shrinking profits, lofty pension shortfall and poorly-timed deals. GE has slashed its dividend to a penny, laid off workers and unloaded long-held businesses. It's all part of an effort to cut GE's industrial net debt by about $25 billion. Pension obligations represent almost half of GE's $54 billion of industrial net debt. "Returning GE to a position of strength has required us to make several difficult decisions, and today's decision to freeze the pension is no exception," Kevin Cox, chief human resources officer at GE, said in a statement.
5 - GE, always looking out for company interests even if it fk's employees, unsurprisingly was a HUGE supporter of NAFTA:
https://www.reuters.com/article/us-usa-trade-mexico-ge-idUSKBN18829I
“GE as a company, we’re very supportive of NAFTA,” Immelt said at that time. "Its a HUGE win-win".... for him, and his cronies on the board and the crooked politicians who benefit at the expense of labor.
Meanwhile, on the otherside....
A- Culp and the board made a "difficult decision" and awarded this a$sclown with one of the most massive bonus structures ever written and way easier terms to get stonk awards in this era of covid; The only thing that matters to this guy is his payday. He doesnt care about American jobs, the american economy, you or anything else....he's only incentivized to maximize stonk price:
https://www.vanityfair.com/news/2021/05/larry-culps-pandemic-year-stock-deal-is-putting-ge-in-the-hot-seat#:~:text=His%202020%20compensation%20included%20a,compensation%20hit%20along%20with%20others.
Performance Share Award,” which, helpfully, according to GE’s 2020 proxy, was “intended to provide Mr. Culp with the incentive to continue to provide services to GE during this extended employment term” and “as it became clear…that the GE transformation would take longer than previously contemplated.” It was worth, potentially, some $233 million to Culp if the GE stock price increased by 150%.
B- His pay has exploded....
https://www.sec.gov/Archives/edgar/data/40545/000120677421000774/ge3816561-def14a.htm
Our median employee earned $53,928 in total compensation for 2020. The total 2020 compensation reported for Mr. Culp as reported under “SEC Total” in the Summary Compensation Table on page 39 was $73,192,032. Based upon total compensation for 2020, we calculated that our ratio of CEO to median employee pay was 1,357 to 1.
And GE didnt include its cheap international workforce in that calculation by the way. If they did, the mean worker number would be lower and the ratio would likely be well in excess of 2000:1.
All this fukin american workers and financialization is getting obscene.
Just a simple question here - much more are you gonna put up with?
Just remember - the right says you a c0mmie if you are union.
https://www.youtube.com/watch?v=oZ1j3QVBb88&t=1659