With Biden's help, unions move to bankrupt car industry

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'Corporate mismanagement and union greed almost destroyed the United States auto industry in the late 1960s and early 1970s. Today, the Biden administration is helping pave the highway for the bankruptcy of U.S. vehicle manufacturers.' -JamesY54939

The U.S. auto industry is marked by corporate failure. The stagnant stock prices of General Motors and Ford are clear evidence of corporate failure. After aby the federal government during the Great Recession, GM returned to public markets in 2010. The opening trade in November 2010 was at $35. Today, GM is trading at around $36. The stock is up less than 5% from its initial trade in 2010. By contrast, the S&P 500 index is up 500% over the past 13 years.

In online remarks posted on Facebook in July, the head of the UAW, Shawn Fain, said the Big Three auto companies have made a quarter trillion dollars in profits over the past decade and could afford to give UAW members their fair share. The UAW is demanding a 40% wage increase. Wages in the U.S. are rising at about a 5% pace. Fain says the auto companies have made a lot of money. Fain misrepresents the truth.

 

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