Before the Republican tax plan passed, AT&T CEO Randall Stephenson pledged that if the tax cut passed, the company would spend $1 billion in capital expenditures and create at least 7,000 jobs. Instead, the company has eliminated over 7,000 jobs. The company’s latest quarterly earnings report reveals nearly $10 billion in profits was used for stock buybacks rather than factory upgrades or adding employees.
The proffered reason for the tax cut passed last December that went into force January 1, 2018 was investment. The power of increased profits would fuel spending on jobs and capital.
So far, most of the money has gone to share buybacks to help boost stock prices
Originally posted by @vivify https://abcnews.go.com/Business/story?id=4690197&page=1
And that's "on top of a three-year plan to cut 10,000 jobs".
Thank God for those tax cuts, huh?
AT&T is a GLOBAL company.
"Even with the reductions announced today, we expect our head count overall to remain stable this year as we hire additional employees to support growth areas like wireless and TV," said spokesman Michael Coe."
"Even with the reductions announced today, we expect our head count overall to remain stable this year as we hire additional employees to support growth areas like wireless and TV," said spokesman Michael Coe."
"AT&T said the job cuts — affecting its wireline telephone business mostly in the United States"
Originally posted by @vivify "AT&T said the job cuts — affecting its wireline telephone business mostly in the [b]United States"[/b]
Mostly, not solely. Ans it is employees that don't have the high tech knowledge necessary to do the job. Did you notice where qualified employees will be hired?
Originally posted by @vivify "AT&T said the job cuts — affecting its wireline telephone business mostly in the [b]United States"[/b]
'When it announced the acquisition of BellSouth in 2006, it has said it would cut 10,000 jobs over three years from the combined company to eliminate overlap.'
Do you understand employee overlap when acquiring a business?
Originally posted by @divegeester 3 thumbs down, weird.
It’s as though cost cutting and efficiency drives are somehow alien to business.
You missed the point by a mile. The point is the bulls--t spit out by the GOP about how tax cuts benefiting the rich (at the expense of everyone else) were supposed to help create jobs, is an utter failure.
It was from the start.
And that's mainly because this was never about job growth. The tax cuts were always about Republicans bowing to their corporate masters.
Originally posted by @vivify You missed the point by a mile. The point is the bulls--t spit out by the GOP about how tax cuts benefiting the rich (at the expense of everyone else) were supposed to help create jobs, is an utter failure.
It was from the start.
And that's mainly because this was never about job growth. The tax cuts were always about Republicans bowing to their corporate masters.
Originally posted by @vivify You missed the point by a mile. The point is the bulls--t spit out by the GOP about how tax cuts benefiting the rich (at the expense of everyone else) were supposed to help create jobs, is an utter failure.
It was from the start.
And that's mainly because this was never about job growth. The tax cuts were always about Republicans bowing to their corporate masters.
What about Democrat “corporate masters” I.e. democrat bosses of big firms?
The "record job growth" is on a streak of 92 consecutive months. That's over 7 years.
You know what that means, don't you? I'll spell it out. The 7 year record of job growth we're currently in started under Obama, and is continuing because of his policies.
Let me spell it out even more: Trump's been president for only a year and a half. This means that the rest of the 5 1/2 years of "record" job growth was under...
Originally posted by @divegeester What about Democrat “corporate masters” I.e. democrat bosses of big firms?
What about them?
It's Republicans who are rolling back regulations (and bragging about it) that ensure ethical and safe business practices, just so their corporate masters can earn more profits.
Just look at the EPA, like when Trump-appointed Scott Pruitt rolled stopped a ban on Pesticides found to cause brain cancer in children. This was after meeting with a CEO of the same company that makes that same pesticide.
22 Sep '18 02:32
AT&T Cuts 4,600 Jobs
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