Biden accuses Big Three automakers of making 'record profits' that must be 'shared fairly' with UAW

[mystery-ak]

Updated on September 15, 2023 1:18pm EDT
Biden accuses Big Three automakers of making 'record profits' that must be 'shared fairly' with UAW strikers
Biden called for a 'fair' deal that would let the Big Three automakers share 'record profits' with workers

By Chris Pandolfo FOXBusiness


President Biden on Friday delivered brief remarks on the United Auto Workers strike that began Thursday, accusing auto companies of refusing to share their profits with workers.

In a televised statement, Biden said the Big Three automakers were making "record profits" that "have not been shared fairly, in my view, with workers."

"No one wants a strike," Biden said. "But I respect workers' right to use their options under the collective bargaining system. Autoworkers sacrificed so much to keep the industry alive and strong, especially through the economic crisis and the pandemic. Workers deserve a fair share of the benefits they helped create for an enterprise."

The president spoke for fewer than five minutes and did not take questions from the press. He called for the strike to be resolved with "record contracts" for UAW workers to match "record corporate profits."

more
https://www.foxbusiness.com/politics/biden-accuses-big-three-automakers-making-record-profits-must-be-shared-fairly-uaw-strikers

[Bigun]

F J B ! ! !

[catfish1957]

Hmmmm....

Hey Pedo Joe.....

The combined Market Cap of GM and Ford is under $100B.  Compare that with the top tier (say top 6)  of  Tech Behemoths.  They combined are over 10 Trillion Dollara.  Where the outrage there you hypocritical piece of shit.  We know you are in their pocket.

And the profits?  Don't get me started you hypocrite.

[PeteS in CA]

Borrowing from my post on Conservative Cave:

Here is a chart showing FoMoCo's gross revenue, net income, and net margin % by quarter for 2010 through the first half of 2023, https://www.macrotrends.net/stocks/charts/F/ford-motor/net-profit-margin .

FoMoCo's gross revenue is its highest ever, but not by a lot. HOWEVER, LIEden's lie was "record profits". FoMoCo's net profit margin for the first half of 2023 is on the order of 2.2%, which is pathetically far from FoMoCo's "record profit" since 2010.

Looking at GM, https://www.macrotrends.net/stocks/charts/GM/general-motors/profit-margins , same time frame, they are doing much less awful, but GM's ~5.8% net profit margin in the first half of 2023 is far from GM's highest profit since 2010.

Is LIEden so grossly ignorant that he confused gross revenue with net profit? Did LIEden lie, knowing his faithful Prog followers would not dare fact-check his grossly false claim? I really do not much care.

Was I surprised that LIEden's claim was false? Not. At. All.

[mountaineer]

Shareholders are irrelevant to Dementia Joe.

[mountaineer]

Joe Biden "I'm a Union guy." Yeah, I guess he is - doesn't actually work much, but is greatly overpaid.
UPS drivers now make $170K a year. Not to be outdone autoworkers are demanding $300K a year AND a four day, 32 hour work week.

https://twitter.com/amuse/status/1703062347625980333

[240B]

Did Joe Biden 'share fairly' all the 10s of millions he made from corruption?
Not only did he not share it, Biden didn't even pay taxes on it.

[Hoodat]

Biden accuses Big Three automakers of making 'record profits' that must be 'shared fairly' with UAW strikers

I don't recall UAW members helping out Ford with the $3.1 billion it lost last year.  'Share fairly' my foot.

[berdie]

I don't recall UAW members helping out Ford with the $3.1 billion it lost last year.  'Share fairly' my foot.

That is my first thought.

I'm not big on unions. They started out good but...  So lets say the union gets it demands and the company has a bad year? There is no room for recovery if salaries are too high.

[libertybele]

Joe Biden "I'm a Union guy." Yeah, I guess he is - doesn't actually work much, but is greatly overpaid.
UPS drivers now make $170K a year. Not to be outdone autoworkers are demanding $300K a year AND a four day, 32 hour work week.

https://twitter.com/amuse/status/1703062347625980333

Heck, I'll go back to work -- I can drive -- UPS, here I come!   

[mountaineer]

Tom Cotton
@TomCottonAR
How President Biden caused this mess:

'Union Joe' Biden Teamed Up With GM Chief To Push a Transition to Electric Vehicles. It Could Come Back to Haunt Them.
Painful EV transition pushed by White House is central to auto worker complaints
Chuck Ross, Washington Free Beacon
September 19, 2023

President Joe Biden praised General Motors chief executive Mary Barra at a 2022 event, saying "we owe you big" for pushing the auto industry towards all-electric production over the next decade. The president’s kind words for Barra, and their decision to team up to back a transition to electric vehicles, could come back to haunt both parties amid a historic United Auto Workers strike.

The 150,000-member union has singled out Barra as an example of corporate greed at the "Big Three" automakers, a group that also includes Ford and Stellantis. UAW, which launched a strike at four auto plants last week, took a shot at Barra over her industry-leading $29 million annual salary. UAW president Shawn Fain declared "war" on the Big Three last month, citing the $200 million Barra has raked in over the past decade. The union wants a hefty increase to salaries and benefits for its members, along with assurances that jobs will be protected during the transition to EV production.

That dramatic shift will likely come at a steep cost in terms of auto industry jobs, and the transition to electric vehicles is at the center of the auto workers' complaints. According to one estimate, the transition to EV production will come at the cost of 117,000 auto jobs. ...

Biden has fast-tracked the electric vehicle transition through billions of dollars in federal subsidies. The Build Back Better Act provides $7,500 in tax breaks for the purchase of electric cars, a major boon to GM and other automakers.

Biden’s alliance with Barra could alienate union voters, a core base of support in his reelection bid.  ...

[DefiantMassRINO]

UAW Memebers could always buy shares of company stock to share in the profits.

This strike will provide more justification of automation and offshoring of US auto manufacturing.

Who says GM factories can't be in Brazil?

[mountaineer]

Reminder from just a few weeks ago:  Ford set to lose $4.5 billion on electric vehicles this year, despite increased revenue, from FOX Business.

[mystery-ak]

Auto Workers' Union Will Expand Strike if Demands Not Met in Days


Reuters   
September 19, 2023

The United Auto Workers union said it would announce on Friday more U.S. plants to strike if no serious progress was made in talks with the Detroit Three automakers, as a Canadian union held off on an immediate walkout at Ford's operations in Canada.

The UAW last week launched a strike against Ford, General Motors, and Chrysler parent Stellantis, targeting one U.S. assembly plant at each company.

"We're not going to keep waiting around forever while they drag this out," UAW President Shawn Fain said in a video message late on Monday setting the new deadline after complaining about a lack of progress in recent talks. "We're not messing around."

Ford's contract with Canadian union Unifor, which represents about 5,600 workers at three plants in Canada, expired at 11:59 p.m. EDT on Monday.

The union said early on Tuesday that negotiations had been extended for 24 hours after it received a "substantive offer" from Ford.

more
https://freebeacon.com/latest-news/auto-workers-union-will-expand-strike-if-demands-not-met-in-days/

[Hoodat]

UAW Memebers could always buy shares of company stock to share in the profits.

I will never forget when Frank Borman offered to sell Eastern Airlines to the unions.  They turned him down flat, then proceeded to go on strike, driving the company out of business and eliminating all of those union jobs.  Idiots.  I hate unions with a passion.  Eastern Airlines was a particularly disgusting episode.  The pilots union demanded a new contract and were given one with big raises, for which they agreed to work for the next four years.  Then the machinists demanded a new contract.  They didn't like what they were being offered, so they went on strike.  And immediately, the pilots joined the strike, reneging on the contract they had just agreed to.  And with no pilots, there was no more Eastern Airlines.

[catfish1957]

I will never forget when Frank Borman offered to sell Eastern Airlines to the unions.  They turned him down flat, then proceeded to go on strike, driving the company out of business and eliminating all of those union jobs.  Idiots.  I hate unions with a passion.  Eastern Airlines was a particularly disgusting episode.  The pilots union demanded a new contract and were given one with big raises, for which they agreed to work for the next four years.  Then the machinists demanded a new contract.  They didn't like what they were being offered, so they went on strike.  And immediately, the pilots joined the strike, reneging on the contract they had just agreed to.  And with no pilots, there was no more Eastern Airlines.

When profitability fully disappears without hope of recovery.  The U.S. auto industry will die.   I hope the UAW realizes they may be killing the gold laying goose.

[mountaineer]

Automakers spend millions on Diversity Equity and Inclusion as workers strike for fair pay
By Jon Levine   
Published Sep. 23, 2023, 2:29 p.m. ET
New York Post

America’s largest automakers are doling out millions of dollars on diversity, equity inclusion, and other woke programs — a slap in the face to striking workers who ripped the companies as hypocritical.

“If you care about diversity and equity and inclusion and social justice — then you put it in the contract and you compensate workers fairly,” said Brandon Mancilla, 29, the UAW union director for New York City just days after thousands of employees walked off the job.

“Ohio autoworkers need a raise – not a lecture about race,” said Sen. J.D. Vance (R-Ohio). “If the Big Three can afford to shell out six-figure salaries to a bunch of bloviating DEI consultants, they should be able to give their workers a generous pay raise,”

“And if they say they can’t find the money, here’s a hint: fire the woke consultants,” he added.  ...

Same is true of every college and university in the country. Finding it difficult to balance the budget? Get rid of your offices of DEI and LGBT idiocy.