Tesla just eliminated 14,000 jobs today.
The big 3 are next.
33 replies (most recent on top)
@5mv
Sounds purely emotional.
Here’s another article on tax fairness. It’s from tax foundation , which is non-partisan and derives it’s date from government IRS data, bureau of labor statistics, etc.
I contend we the middle class are where the taxable income is. I was surprised, for years, after doing my taxes on TurboTax, my effective federal tax rate was something like 11%! This is for Ford employee/engineer plus working spouse who works for tier 1 supplier.
So I feel fortunate not to be in Europe and suffer confiscatory tax rates there. Govt here leaves you with more in your pocket to do with what you prioritize. Unfortunately govt borrows more (and is able to do so only because of the dollar standard) and piles it onto the debt for our kids and grandkids to deal with years from now.
Relating this post to layoffs, I would say the govt ability to take on more debt , if recessionary disaster occurs, and bail out the auto industry is extremely limited now compared to 2007-08.
https://taxfoundation.org/research/all/federal/rich-pay-their-fair-share-of-taxes/
The middle class always gets sc--wed. The rich don't really care, the poor don't pay any.
sort of a masterful job of hijacking a post...
@5jsv
It’s spelled Kool-aid.
Here’s some reading material.
Educate yourself on “tax the rich”.
Some 50-55% of taxpayers pay no federal income tax, or get back money from earned income tax credit, assistance, etc.
I recently helped someone file their return, in TurboTax. Their annual income was $65k. They got health insurance thru work for $1600 total cost of premiums in the year.
TurboTax said their net effective tax rate was 9%. In Europe that would be way way higher 30-40% plus value added tax (national sales tax).
Anyone reading this is welcome to go live in Europe, I don’t think their immigration policies are as open as ours. Very difficult to immigrate there. Read up on Sweden, Finland, Canada, etc. One might try Venezuela , for their type of socialism. You might like it.
I fully realize our tax scheme is not sufficient. If you taxed the rich 100% you could run the govt for a month or two. Then what. Then govt comes after you and me, Ford employees making a good salary, with a working spouse making good salary. That is where the broad tax base is. Look in the mirror, you, me, and those making say $70k to $300k are under-taxed, and the broadest portion of tax base. They will come you you and I when the rich have all of their wealth taken away because you can only do that once, right?
https://manhattan.institute/article/the-limits-of-taxing-the-rich
Read the chart in the middle of this article
https://reason.com/2024/04/12/the-real-tax-gap/
The solution is simple Tax the Billionaires for their fair due and add tax safeguards for those making up to 750K leaving those who make less than 75K paying no taxes. The people who spend money are in those brackets, It is a no brainer. Big Companies like Apple, Nike, etc. should pay taxes in the US.
Remember Paul Ryan, he wanted to expand the tax base when he was speaker of the house. If Amazon, GE etc, start paying taxes then US economy will skyrocket. We pay Social Security from our pockets, that money is not entitlement as some politicians want to ki-l it. This is not socialism, you need to live in Europe to really understand what socialism is about and just look at Germany, Denmark, Sweden etc,
Do not drink the cool aide
Oops here is the chart showing inflation of different consumer spending 2000-2022 referenced below
https://www.aei.org/carpe-diem/chart-of-the-day-or-century-8/
What happens when you subsidize something ? The price goes way way up, punishing those who were foolish to have paid full price or paid on their own.
Hospital services have seen the #1 inflation effect, college tuition is #2 since 2000.
This chart is year 2022. 2024 likely has same trajectory.
Hospital services are #1 because no one pays them directly. Govt pays significant portion thru Medicare and Medicaid.
Think about it, we at Ford have high deductible health plan. We are responsible for our first $7000 of costs. Therefore we really scrutinize our health needs since that first $7k comes directly out of our pocket.
Govt subsidizes college costs, lo and behold student loans skyrocket because colleges have to reason to lower costs.
Kind of like Fannie Mae/freddie Mack backing all of the FHA loans/mortgages that blew up in 2007-08.
In cancelling student debt, am I supposed to pay for those peoples living costs too? Where does it end? Should a plumber or a tradesman pay for the college costs of bachelor degree, masters degree, and PHD plus living costs of someone seeking a PHD in social justice or gender studies? I think not.
As for if their degree is for veterinary, doctor, nurse, there could be tuition assistance or grants available with strict limits.
Our country is at 135% debt to GDP ratio and foreign holders of our debt will not like to hear our s-b story of how we need to cancel our debt to them. This won’t be allowed.
We need to make colleges themselves get back to originating their own loans to students, back it up with their endowments. Make them have skin in the game. Make them assess the risk of loaning $200,000 to some kid majoring in ‘media studies’ or ‘social justice’ lliving a NYC lifestyle at Columbia university or Ann Arbor while protesting on campus.
The "predatory student lender" you cite is the federal government. The feds took over almost all student loans during the Obama administration. Prior to the federal take over, student loans were dischargeable during bankruptcy. Now they are not.
@5dmc+1s3VEnsd: The rest of the U.S. taxpayers do benefit from the doctors, nurses, veterinarians, and lawyers who incurred student debt while training in their chosen fields. Graduate and professional school tuition is not cheap, so many of these people ended up owing hundreds of thousands of dollars to predatory student lenders.
One last important point, the debt is not ‘cancelled’.
It is transferred from the adult students responsibility to the rest of US taxpayers who may or may not have benefitted by one more gender studies diploma circulating in society.
It is repaid by the US govt who taxes you, me, and our kids and future grandkids to pay the ‘cancelled debt’ and all of its perpetual interest costs.
I understand India has caste discrimination issues, similar to class discrimination.
So much so the city of Seattle , due to having many Indian immigrants, passed a city policy banning discrimination based on caste membership. There might be one or two other US cities as well.
@3amm+1s3VEnsd - Your comments remind me of my coworker (who is from Chennai). Very much a sperate class culture. I will assume you're from there too!!!
Oops the man referenced below had $125k cancelled, not $150k
I believe some red states have taken this to court. I believe Supreme Court decided Biden can not cancel,student debt so Biden is doing a work around . Some other states are still battling it in court. This is not finished.money Congress has the right to spend.
The original legislation referred to first responders right after 9-11 having student debt cancelled. This has stretched into teachers/educators working in poor districts. Ok, maybe those two make sense for help, not total,debt cancellation. Then it stretched to those working for non-profit 501c3.
Then it has stretched to highly paid administrators making $150k salary , the third highest in command at a large North Carolina school district, having his entire $150k of debt cancelled.
https://www.youtube.com/watch?v=9rCevF2fCC8
https://www.wral.com/story/biden-s-visit-with-raleigh-family-over-cook-out-trays-featured-in-campaign-video/21280658/
Even Nancy pelosi and president Obama said this. Executive power only goes so far.
If the government has the “authority” to “cancel” federal student debt, then they also have the authority to cancel other types of federal debt. And by giving preferential forgiveness to one type of debt over another type, while using taxpayer money is discriminatory. This is a matter that should be taken up with voters. Its our money. Student loan debt is not a national emergency.
When you say “ Not ONE American job should go to a foreigner until our economy is fixed. “
What should companies do when they can’t get workers? When govt continues to give welfare to able bodied adults, govt dis-incentivizes work. Current president and Dems thereby has an excuse to open southern border “because we need agriculture workers” thereby letting in all illegals from 168 countries, some well dressed, who call Uber transport with their fancy phones and luggage.
When current President and Dems continues to demonize hard work and continue giveaways such as free college, cancelled student debt, etc. why would colleges have any reason to lower their tuition prices, or control exorbitant costs. Many universities have professors getting paid full salaries/benefits for teaching three credit hours in a semester. Salaries in the range up to $200k - $300k in California.
The U.S. economy is in serious trouble. The mainstream media isn't giving you the true picture. But you can find it.
Here is investor Peter Schiff's opinion:
“I’d say [inflation’s] at least double what the CPI is. So if the government claims inflation is two, it’s four. And when they claimed it was nine, it was probably 18. People are struggling. It’s a lousy economy. People’s real incomes have been eviscerated by inflation. They’re forced to work multiple jobs. They’re drowning in a mountain of debt, and we’re headed for a major disaster.”
Not ONE American job should go to a foreigner until our economy is fixed. And the same goes for any other country. Not one Canadian job should go to a foreigner, or German job, or wherever you are.
Ford needs to get rid of UAW. It's long overdue.
This is the only way to be able to survive.
When the Chinese EV arrived in the US in 2026. The big 3 will be in bankruptcy.
What an elitist snobbish ivory tower type of attitude. May your kids after completion of medical school and law school , never have to have plumbers, electricians, carpenters, HVAC experts, welders, cosmetologists, chefs, fast food cooks, cement layers, landscapers, i.e. those who make their earnings with their minds, hands and skills as patients or clients.
What r you talking about?? When I turned 18, me and my friends started working at the Ford assembly plant. 30 years later and our new contract says that workers like us will make almost $90,000 dollars a year! And that's before overtime!
I am going to steer my kids into the blue collar worker fields. Hopefully they'll work at the plant with me. New workers will earn that same 90k just like me! How long will it take you liberals to earn 90k a year??? Huh???
I have three kids in college. Two are in medical school and the youngest is on track to enter law school next year.
I agree that more kids need to be pushed into the trades. But it won't be my kids. Or any of the kids in my neighborhoods. It'll be those Rs who preach about how important they are to the country. And I'll agree with them. I'll even stand up and applaud at baseball games when they do special nights for trades or other blue collar industries.
But those kids won't be living in my neighborhood when they grow up. That's just the way it's going to be. Those kids will be making repairs on my kid's homes. Just as long as they park their company vans in the side entrance so it can't be seen from the front.
@2wur+1s3VEnsd has a point. When the housing market tanked in 2008 to 2010, it was statistically more southern, aka Republican, residents that had bought houses that they couldn't afford. They were the first ones crying 'please mr gubbament, I can't affords my house payments no more' and they declared bankruptcy and walked away from their responsibilities. I guess they didn't think they had to 'bootstrap' their way out of it that time. And other conservatives didn't cry about it then.
People saddled with student loan debt - who have paid far more in interest than they ever owed in principle - are going to have their loans dismissed. Billions of dollars worth. You can't stop it. And it won't hurt you one bit. But who do you think will be crying to Mr Gubbament? Those same southern hillbil--es who walked away from their mortgages.
Of course student loans should not be cancelled. It will just add to the 130% of debt to GDP ratio we are carrying, debt that you, your children and grandchildren will have to bear the burden of in terms of reduced investment and higher interest rates forever.
Where’s the cancellation of debt for the responsible young person who went the vocational path, borrowed $50k to buy a truck with plumbing and electrical equipment, and started his/her own business?
And boo boo for you, if you can’t find a career that pays you enough to pay your living costs and tuition debt because you chose to get a degree in gender studies or social justice “I hate America”.
The American Opportinity Act started back in 2009 or 2010 already gives you $2500 per year tax credit for college expenses. And this should be sufficient, it’s crazy all of a sudden we hear “pay off my college debt”…
You chose the wrong major, the rest of society should not pay for your mistake.
Good. Elon is a RINO if I've ever seen one. He collected government handouts for a decade. He somehow convinced the other RINOs that he was a real conservative hero.
The same people that support him also supported all the people that bought houses they couldn't afford between 2008 and 2010 - and then walked away from their mortgages and declared bankruptcy! Those no-good takers! Then they have the nerve to say that student loans shouldn't be dissolved in bankruptcy. Hypocrites.
The south really needs to step it up. They collect more government 'assistance' (you know what I am talking about) than all the northern states combined.
Between expected 33% q1 earnings decline, EV mess, and interest rates, the layoffs will be huge mid year or sooner. Ford recalls are a disaster... showrooms are empty... service departments are so busy, forget regular service!
EV"S are appealing only for their fancy tech and software.
What happens to fancy tech and software
They quit working.
Forget their batteries, thats a different story
EVs are a scam.
To all the naive bozos: now you are seeing the true power of the oil and natural gas industry. Money talks, bullsh-t walks. Even the left coast politicians are beholden to these mega donors. I am not for or against electric cars, but I can tell you whose interest they don’t serve. The oil companies indeed thought EVs were going to be a fad, well they started making an impact. Notice how Musk went from Dr Jekyll to Dr Ja----s? He who controls the media controls his narrative. Twitter was his counter, but big oil pulled out the big g-ns with msm.
This confirms the naivete of EV buyers......not so smart......Lol
@snr+1s3VEnsd The BEVs were a D politcal move to:
- Gain the votes of all those Bachelors in Arts with no clue about science, that think everything modern happens by "magic", but they want a clean paradise...
- Gain the votes of all the green nuts...
- Attack the oil industry, which is eminent R, and reduce the $$ contributions to the R party.
Increasing the price of oil means higher inflation (a downside), but more people dependent of the government (upside for Ds), which creates bigger governments (upside for Ds), and more poeple willing to vote D. Best example? Detroit.
BEVs are a niche market, and I believe they'll stay like that for a big while. Tesla may survive the next recession, since is a luxury brand and they keep working to reduce the vehicle prices.
Ford BEVs are doomed IMHO. I am expecting a big layoff after July this year.
The EV was and is a political solution nobody can figure out how to make sense of. Fuel up mining equipment to dig millions of pounds of lithium out of the ground, burn gobs of natural gas to concentrate it, maybe churn and burn through some coal to power the machines to manufacture zillions of batteries and then sip recharging power off a depleting energy grid never designed to support the extra load. Net energy loss, recycling nightmare, infra-structure disaster and just for fun the occasional blaze of glory. Must be another great idea from the halls of academe where magical stuff happens all the time.
EV will go down to winter much quick than we thought.