Further Layoffs Announced from Detroit Big Three Automaker Due to Poor Earnings
https://www.msn.com/en-us/money/com...S&cvid=5b0b982c6d324a438d77bec6580076da&ei=12
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1) NAFTA was bad. I agree. 2) Illegals have been picking produce since the 70's...Becaue no one else would do it. 3) Blacksmiths learned to change tires when the horse went away...Coal usage was going away, being replaced with natural gas...So, yes, a new job skill was suggested. 3) Company pensions were being raided and stolen by corporate raiders. Protections were put into place and those protections were literally bankrupting companies, so pensions went away. 401Ks are very effective...If people participate. They don't...They'd rather spend thier extra money on beer and cigs. 4) Illegals flooded entry level trade jobs because the entitled kids no longer wanted them. Need proof? Look at the labor-starved, low-paying industries and tell me how many young people are working those jobs...restaurants, lawn care, tire shops, etc....They can't hire people. Can't. People aren't applying and the $15hr wage didn't chnge any of that. To your point, I'm not blind to the polarization of wealth, but I'm also not blind to the lazy, entitled, spoiled brats of this younger generation. Maybe....just maybe....They should cut out the excuses and find a way to make a way, instead of standing back and waiting for the government to do it for them.
God forbid the blue collar worker invest capital in a business so that maybe they can understand the need for a return. They can earn dividends, too...But they choose not too. Oh yea...the profit share payments to their 401K doesn't count, nor do the dividends they earn in the mutual funds in those accounts....But those evil dividends....
Read post #14 prior to yoursI think the problem is 2 fold and not a single person has touched on this..... I don't put all the blame on the manufacturers for selling what the market is asking for. We, the consumer, are much more to blame with our lack of financial responsibility.
It's not just that companies have decreased their entry level options to move towards more expensive ones... but also that they do this because financial institutions will loan just about anything to anyone regardless if they can pay it back or not. The car companies are leaning into what buyers are buying.
Thus.... when 21 year old Jimmy can get an auto loan for $80k when he brings home $40k/yr, he isn't looking for a Corolla when he can step into a brand new Limited truck. Nevermind that it's an 8 yr loan at 9% interest. So Jimmy buys the truck, the mfg gets paid, and then within a year he gets the truck repo'd. Not the car mfg problem at that point.
Jimmy buys a $200k house at 7% interest with 0 down, then gets a couple lines of credit, and buys the truck on an 8 year note with 0 down and 9% interest. Financial institutions have sold people on payments and have made things look affordable on paper when they're really not.
Every business in existence is selling what the people are buying.
Well I may have jumped the gun replying to you earlier as I was reading this on the go. Now that I've had time to sit down and reread it. There is really no comparison to what we each said but I think we both reach the same conclusion. Me blaming the manufacturers and you blaming the consumer. But in the end the common denominator is the GREED of the manufacturers. But the consumers are buying them no matter what which is just insane. I wanted to buy a new truck cash. They wanted me to finance I said NO (because of the interest rates) they then wanted to charge me $5k over sticker. I laughed and walked out and still drive my beautiful 2016 limited and I'm so glad I do.I don't see the comparison?
To add.... the average hourly wage for a Stellantis worker in Wyoming ranges from $48-$51.68/hr. That's $100-$107k per year. The annual COL is $37k per year. Median household income there is $84k/yr. They're doing well above average right out of the gate.
So on an assembly line, a worker that is bolting on a bumper, or an inventory clerk that is picking an order to push to the floor falls into that range. Both examples require almost no skill to do and can all be learned on the job.
What is your argument for why they're worth that amount of money? I'm not arguing that they aren't, but Doc, I'd like to hear your take on it.
Actually,Well I may have jumped the gun replying to you earlier as I was reading this on the go. Now that I've had time to sit down and reread it. There is really no comparison to what we each said but I think we both reach the same conclusion. Me blaming the manufacturers and you blaming the consumer. But in the end the common denominator is the GREED of the manufacturers. But the consumers are buying them no matter what which is just insane. I wanted to buy a new truck cash. They wanted me to finance I said NO (because of the interest rates) they then wanted to charge me $5k over sticker. I laughed and walked out and still drive my beautiful 2016 limited and I'm so glad I do.
You're right, it did.
However, it doesn't change the premise behind what I said across the auto industry. Industries are changing and if we're still talking "below average intelligence" employees it shouldn't be a requirement of any company to find a place for them if those areas don't fit the business model.
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I respect your opinion, Doc, but on this phrase I will push back on you. We are NOT a Democracy, we are a Constitutional Republic. The Socialists would love to have everyone think we are a Democracy, because it makes it easier for them to convert it to such, and seize power. Enlarging the Supreme Court, eliminating the Electoral College for a popular vote...all moves to eliminate our Constitution and the government of the people.A modern western democracy is literally impossible without it.
I respect your opinion, Doc, but on this phrase I will push back on you. We are NOT a Democracy, we are a Constitutional Republic.