Another corporate giant is laying off thousands while paying its CEO an obscene amount of money (and receiving generous corporate tax cuts under from Trump’s tax plan).
According to The New York Times, “Ford Motor will lay off 800 employees in the United States over the next several weeks as part of a broader plan to shrink its salaried work force by 7,000 people, or 10 percent, by the end of August.”
This would not be so repulsive if it were not for three facts:
- The company has received $750 million in tax cuts. President Donald Trump and the rest of the GOP assured the American public that companies would use those tax savings to hire workers. Apparently, Ford did not get that memo (but it did get the money).
- The CEO, Jim Hackett, received $18 million in compensation last year. If a CEO is doing such a lousy job that 7,000 employees must be laid off, maybe he doesn’t deserve $18 million.
- The company posted profits of $1.1 billion the first quarter. Yes, Ford employees generated a profit for the company. And their reward is a pink slip (while, again, the CEO gets $18 million).
So far, it appears that the tax cuts are doing a great job of lining the pockets of executives and shareholders while leaving those who produce the wealth, i.e., the workers, out on the street.