In corporate capitalism today, there is always a story that the company puts out, that the politicians, and their media minions push and make real, and then, it becomes the story. In Puerto Rico, before the hurricane, the island was said to have mismanaged itself, and so its sorry financial state was its own fault. But, of course, that wasn’t the case, at all. Puerto Rico’s financial collapse was the result of government policy by the Clinton administration and then the parasitic actions of private equity investors who bled the island of all of its cash until it collapsed.
When it was announced in November 2018 that the famous Lordstown plant in northern Ohio was closing, the story pushed by the media was the company was shifting its operations and eliminating production of the Cruze vehicle, which was a poor selling product. Yet, that is not the whole story.
Here’s a quote that summarizes the fate of the workers of Lordstown from a recent report (read entire report here) funded by the American Federal of Teachers and why:
One of the main complaints of the massive tax cut for corporations last year is the fact that the companies did not re-invest the windfall in employees or research and development. Stock buybacks was the big winner. The stockholders won. The people who already have more than enough won. The report, we know, is just a bit of the rot in America and at GM.
Don’t believe the media crock. Read the report (linked above) This is the real story. There are real human beings who worked at Lordstown. Their lives weren’t turned upside down by just a hedge fund; their lives have been flipped around by the system itself, that involves government and the corporate sector still locked tight in an unholy alliance that benefits a very tiny piece of the population.