Business Economics

WATCH: General Motors CEO Tries (And Fails) To Justify Her $30 Million Salary As Auto Workers Go On Strike

Some 13,000 members of the United Auto Workers union went on strike today against all three of the major U.S. automakers, seeking pay raises and better benefits from Ford, General Motors, and Stellantis.

But to hear the auto companies tell it, they’re doing the best they can by their workers, despite making record profits.

Mary Barra, the CEO of General Motors spoke with CNN’s Vanessa Yurkevich, who immediately hit Barra with the question every auto worker was probably dying to ask:

“The union is demanding, asking, for a 40 percent wage increase over four years. They are asking for that in part because they say CEOs like yourself leading the Big Three are making those kinds of pay increases over the course of the last four years. You have seen a 34 percent pay increase in your salary, you make almost $30 million. Why should your workers not get the same type of pay increases that you are getting leading the company?”


“If you look at compensation, my compensation, 92 percent of it is based on performance of the company. Not only are we putting a 20 percent increase on the table, we have profit-sharing. So when the company does well, everyone does well.”

“For the last several years that resulted in record profit-sharing for our employees,” Barra added. “You have to look at the whole compensation package, not only 20 percent increase in gross wage but also the profit-sharing aspect of it, world-class health care and several other features. So we think we have a very competitive offer on the table, and that’s why we want to get back there and get this done.”

Yurkevich then inquired, “If you are getting a 34 percent pay increase over four years, and you are offering 20 percent to employees right now, do you think that’s fair?”

The General Motors CEO replied, “Well, I think when you look at the overall structure and the fact that 92 percent is based on performance, and you look at what we have been doing of sharing in the profitability when the company does well, I think we have a very compelling offer on the table and that’s the focus I have right now.”

That prompted Yurkevich to ask, “Let’s talk about profits. Because in 2009, GM filed for bankruptcy, was bailed out by the U.S. government, workers made concessions to keep their jobs, to keep the company alive. Why shouldn’t workers be entitled to what they gave up 15 years ago, especially since GM is making record profits right now?”

Clearly uncomfortable, Barra responded:

“We have to remember we are a cyclical business … no compensation system, I think, anywhere, is the same as it was, you know, 15, 20 years ago. So we have to look where we are. We have to look at the future. At General Motors, we want to recognize the hard work of our manufacturing employees. We have a historic deal on the table … we want to, you know, finish the negotiations, problem-solve, and get people back to work.”

Here’s a thought, Mary: Maybe if you took only $15 million a year in salary, more of your workers could have a decent raise and better benefits.


Economics GOP Joe Biden The Economy

WATCH President Biden Troll Marjorie Taylor Greene During Remarks About Job Creation

Thursday, July 6, 2023 has not been a good day for Rep. Marjorie Taylor Greene (R-GA).

Earlier today, Greene was booted from the right-wing House Freedom Caucus, Politico reports.

A member of the House Freedom Caucus on Thursday confirmed that the conservative group has voted to boot Rep. Marjorie Taylor Greene (R-Ga.) — a vote first reported by POLITICO last week.

“A vote was taken to remove Marjorie Taylor Greene from the House Freedom Caucus for some of the things she’s done,” said Rep. Andy Harris (R-Md.).

Greene, who has closely aligned herself with Speaker of the House Kevin McCarthy (R-CA), apparently isn’t extreme enough to please the Freedom Caucus, and her shift to what passes as the “center” of today’s GOP is seen as a betrayal.

A few hours later after the Politico report, President Joe Biden was in Flex LTD in West Columbia, South Carolina to tout new jobs being created in the green energy sector, according to Mediaite, and he couldn’t resist trolling the Georgia Republican in his remarks.

“Since I took office, we’ve seen over 60 domestic manufacturing announcements all across the solar supply chain. One of the biggest is in Dalton, Georgia. You may find hard to believe, but that’s Marjorie Taylor Greene’s district. (Pauses for effect) I’ll be there for the groundbreaking!”

The audience laughed.

Biden continued: “So just today, the Department of Energy announced new incentives for companies to bring solar power manufacturing back to our shores. We’re in a real race. China’s ahead of us. This is another step in helping us meet the goal of 100% clean, renewable energy electricity by 2035, by 2035.”

Biden took a jab at Greene during a private fundraiser a few weeks ago, too, remarking:

“Matter of fact, I’m going to show up for a major initiative and investment that’s taking place in — in North Georgia, in the home of Marjorie Taylor Greene. (Laughter and applause.) It’s a multi-billion-dollar — it’s a multi-multi-million-dollar project. Okay? But I’m going to be there with a spade to turn the dirt, because I said — and I mean it — I — I represent all Americans, whether they’re Democrats or Republicans or whoever they are.”

Greene hasn’t yet responded to the president’s comments, but she likely will, if only because she knows he’s right.


Economics Fox News Joe Biden WTF?!

Fox ‘News’ Attacks Biden’s Economic Team After New Report Reveals Inflation Has Hit A Two-Year Low

The folks at Fox “News” just love to criticize the Biden administration and President Joe Biden himself for inflation, which they claim is getting worse despite efforts to help reverse a rise in prices across the country.

So when a report came in today showing that inflation had hit a two-year low, the network had to find a way to spin the good news, deciding that it must be the fault of the president, though they didn’t exactly explain how a good economic report is something to be blamed for.

Shortly after the report was released by the government, Fox host Maria Bartiromo discussed the issue with Rep. Buddy Carter (R-GA).

“Well, we will also hear from Treasury Secretary Janet Yellen today,” Bartiromo noted. “Representative Earl Buddy Carter, talk to us about what you’re expecting there because the Treasury Secretary, when we first started seeing this spike in inflation, said it was transitory. What are your thoughts on how she’ll explain where we’re going from here?”

“Well,” Carter began, “I’m sure she will make it out to be as as good as she can. But at the same time, we are far from out of trouble here. Yes, I agree. The Fed may pause next this month and may not raise interest rates, but that doesn’t mean they’re not going to raise them back in July.”

Carter continued, “We’ve still got some serious problems in our economy. The labor shortage. Last night I had dinner with a group of engineers and they were telling me, we need help. We need engineers. One company said they had 1700 employees, they’d hire 200 today if they could find them.”

“We still got high interest rates,” Carter continued. “In the lobby this morning. I was talking to a young lady who said, ‘You know, I wanted to buy a new car, but I just can’t afford it right now.'”

“So high inflation, interest rates, those are the type of things that we’ve still got to work on in this economy. And you know, Janet Yellen will paint a pretty picture. Yes, I’m sure but I’m not sure I believe.”

Inflation is down considerably, the unemployment rate is the lowest in years, the Federal Reserve is on the verge of pausing its hiking of interest rates, but according to Bartiromo and Carter, the sky is falling.

Good news is bad news for Fox and the Republicans. If they can’t hit Biden on the economy in the 2024 election, what have they got to run on? Nothing other than obstruction and bigotry, two things Americans say they’re sick and tired of.


Congress Economics GOP Taxation

WATCH A CNBC Host Tell Kevin McCarthy He’s A Hypocrite For Refusing To Repeal The Trump Tax Cuts

CNBC host Sara Eisen repeatedly asked Speaker of the House Kevin McCarthy (R-CA) why he’s refusing to repeal the Trump tax cuts as part of the ongoing debate over raising the nation’s debt ceiling.

McCarthy was in New York to discuss the debt ceiling and stabilizing financial markets, and he wondered if Eisen would allow the country to continue to tax and spend: “Would you just raise the limit?”

Eisen replied, “Well, if it meant playing with America’s standing and full faith and credit of U.S. government debt, I feel like you can deal with the spending in other ways, which is totally legitimate.”

When McCarthy said debt can only be reduced with massive spending cuts, Eisen wondered, “You did it (raised the debt ceiling) three times in the Trump administration.”

The Speaker protested, “We never raised the debt ceiling by itself.”

Eisen: “And tax cuts. That was like $2 trillion in deficit.”

When McCarthy said those tax cuts had been good for the economy, Eisen countered, “So I was going to ask you about taxes because I wonder, because you want to extend the Trump tax cuts, correct? But isn’t that a little hypocritical when you’re talking about finding savings everywhere and being on an unsustainable fiscal path?”

In response, McCarthy resorted to his favorite trick: He lied.

“How’s that hypocritical when it’s bringing tax cuts, tax savings? I will always advocate for the idea that we are streamlining our tax policies, that we’re also streamlining our regulation.”

Someone please explain the basics of economics to Kevin McCarthy. It’s clear he has no damn idea what he’s talking about.

Here’s the video from CNBC:

Economics Fox News

WATCH Fed Chairman Powell Dress Down A Fox Reporter For His BS Claims About Inflation

Federal Reserve Chairman Jerome Powell set a reporter from Fox Business straight on the basics of the U.S. economy and inflation Wednesday during a press conference.

During the press conference, reporter Edward Lawrence suggested that government spending was partially responsible for inflation, remarking:

“Inflation has been rather sticky, so do you need help from the fiscal side to get inflation down faster?” 

Powell replied:

“We don’t give advice to the fiscal authorities, and we assume that we take fiscal policy as it comes to our front door, stick it in our model along with a million other things, and we have responsibility for price stability. And we will get inflation down to 2% in time.”

Lawrence tried again to link spending to inflation:

“But the spending that’s happened is working against what you are doing, right? So it’s prolonging inflation?”

That led Powell to dress down Edwards: