Trump’s “America first” economic nationalism is finally crashing into the reality of America’s shareholder-first global capitalism.
His giant $1.5 trillion tax cut was supposed to help big corporations make more investments in America and thereby create more jobs. But GM announced last week it will cut about 14,000 jobs in Michigan and Ohio in order to save money.
Even as Trump has escalated his trade war with China, GM is now making and selling more cars in China than it does in the United States.
Trump accuses China of stealing technology from American businesses, but GM is investing in state-of-the-art electrification, autonomous vehicles and ride-sharing technologies there. “China is playing a key role in the company’s strategy,” says GM’s CEO, Mary Barra.
If Trump were serious about his aims, he’d take on shareholder-first global capitalism by reducing the chokehold of Wall Street investors on American corporations, while strengthening the hand of American labor. Don’t hold your breath.
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