For Immediate Release

Organization Profile: 
Contact: 

Sam Quigley, sam@patrioticmillionaires.org, 202-446-0489

GM Layoffs Caused by "The Failure of the Trump Economy"

The last two years have built a hollow shell of an economy where despite consistent growth and skyrocketing incomes for the wealthy, too many normal Americans, even those who are working, can't afford to buy new GM cars."

WASHINGTON - Today, in response to yesterday's announcement from General Motors that it will soon shut down five factories and lay off thousands of workers, the Chair of the Patriotic Millionaires Morris Pearl released the following statement:

"GM's decision to close five factories and lay off nearly 15,000 workers is a sign of the failure of the Trump economy. The loss of the income of those 15,000 people is going to resonate throughout the Midwest as restaurants and stores have lower sales, school districts see lower tax receipts, and small communities are devastated. The last two years have built a hollow shell of an economy where despite consistent growth and skyrocketing incomes for the wealthy, too many normal Americans, even those who are working, can’t afford to buy new GM cars. The ultra-rich, like GM’s executives, are doing better than ever thanks to a massive tax handout to the 1% and corporate tax breaks that have led to nearly a trillion dollars in stock buybacks that help only wealthy investors, but there’s only so many cars one millionaire can buy. While the workers being laid off face an uncertain future, investors in GM increased their wealth by $4.75 billion just during Ms. Bara's announcement (an average of $317,000 per layoff). 

By focusing on helping those at the top instead of the middle class, President Trump and Congressional Republicans have put our economy in an incredibly precarious position. Every single one of the 15,000 workers being laid off by GM is a symbol of the failure of the trickle-down model. The American economy is strongest when the middle class is strong, not when wealthy executives get huge tax breaks."

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