During the past 12 years, General Motors has allocated $21 billion towards stock buybacks. However, the United Auto Workers (UAW) believes that this money should be given to assembly-line workers instead. As a result, the UAW has initiated a strike against GM, Ford, and Jeep parent Stellantis, with nearly 13,000 UAW members participating. The union has also threatened to organize weekly walkouts and increase pressure on all three Detroit automakers.
As both sides become more entrenched, a PR battle has ensued. On September 20, GM president Mark Reuss claimed in the Detroit Free Press that the company has already made a “record offer” to striking workers. He also argued that GM has reinvested the majority of its profits in new facilities over the past decade. The following day, UAW vice president Mike Booth countered these statements, asserting that GM has been using the fruits of their labor to benefit Wall Street through stock buybacks. One of the UAW’s main demands is that the Detroit Three…
2023-09-21 15:51:00
Source from finance.yahoo.com
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