GM to Lay Off 4,250 Salaried Workers in North America Starting Monday | WHAT REALLY HAPPENED

GM to Lay Off 4,250 Salaried Workers in North America Starting Monday

General Motors will begin laying off 4,250 North American salaried workers Monday morning as part of a sweeping restructuring announced in November that includes the closure of five plants and the elimination of 15,000 jobs. The plan includes the destruction of 15 percent of the company’s 54,000 North American salaried jobs.

According to one press report, the jobs massacre will take the form of “rolling layoffs” that will continue until the end of the month. Three assembly plants—Lordstown, Ohio; Detroit-Hamtramck; and Oshawa, Ontario—along with Warren Transmission in Michigan and a propulsion plant in Maryland—are slated to close by the end of the year, devastating entire towns and cities.

One report said that GM management was determined to begin the layoffs before the company releases its fourth quarter 2018 and full year 2018 earnings reports on Wednesday, which are expected to show a drop in profits. This underscores the fact that Wall Street is cracking the whip on GM and the rest of the auto giants to press ahead with cost-cutting and stepped up attacks on the workers in order to drive up stock prices and the speculative profits of the banks, hedge funds and big investors. GM has said the job cuts and plant closings will free up $6 billion in cash, but the automaker has spent $10.6 billion since 2015 buying back its own shares in order to fatten the portfolios of the financial oligarchs.