Chevy Cuts Deep
GM has turned into one of the biggest dirt bag global corporations on the face of the earth. The company wiped out stockholders when it went into bankruptcy then needed $50B in taxpayer bailouts to survive. GM dumped their salary pensions on Delphi, who in turn dumped their obligations on the taxpayers, harming every GM and Delphi salaried retiree and surviving spouse. Not satisfied GM is now walking away from property tax obligations, leaving communities to absorb millions of dollars in lost tax revenue.
Here in Bruigville, GM has a vast complex that once employed as many as 10,000 workers. Since the spinoff of Delphi and bankruptcy of both companies, most of the physical facilities and all of the production facilities have reverted to GM. About 1000 employees remain at the local site that appears to be doomed to closure in the next few years.
Over the years the community has abated millions of dollars in property taxes for facility and equipment upgrades, as well as paid for infrastructure improvements to support the plant. It was a sound investment until recently but now it appears that GM is done in Bruigville.
When GM took over the local manufacturing facility from Delphi, after coming out of bankruptcy, they decided to mark to market value all of their local equipment and facilities. Since they have no value for the mostly abandoned plants, they reduced their assessed value by $200M dollars, leaving a $17M hole in city,county and school budgets. This loss is devastating to a community already suffering huge job losses and subsequent revenue losses.
The city, county and schools have two choices, they can drastically cut budgets or raise homeowners property taxes to make up for the shortfall. Probably both! Either will harm a community with a 13% unemployment rate and hundreds of salaried retirees already harmed by pension cuts.
GM has left a trail of destruction across the US for decades. Bruigville appears to be the next Flint, Michigan thanks to GM's poor management and predatory practices.
GM will start a new ad campaign next month. Instead of "Chevy Runs Deep", for me it's more like "Chevy Cuts Deep". Or maybe instead of "Heartbeat of America" how about "Killing America One City at a Time".
There was a time in america when the presence of a GM plant meant growth and wealth. Nowadays it's like an injection of cocaine that gives a temporary high then kills you.
Buy a Ford.
Here in Bruigville, GM has a vast complex that once employed as many as 10,000 workers. Since the spinoff of Delphi and bankruptcy of both companies, most of the physical facilities and all of the production facilities have reverted to GM. About 1000 employees remain at the local site that appears to be doomed to closure in the next few years.
Over the years the community has abated millions of dollars in property taxes for facility and equipment upgrades, as well as paid for infrastructure improvements to support the plant. It was a sound investment until recently but now it appears that GM is done in Bruigville.
When GM took over the local manufacturing facility from Delphi, after coming out of bankruptcy, they decided to mark to market value all of their local equipment and facilities. Since they have no value for the mostly abandoned plants, they reduced their assessed value by $200M dollars, leaving a $17M hole in city,county and school budgets. This loss is devastating to a community already suffering huge job losses and subsequent revenue losses.
The city, county and schools have two choices, they can drastically cut budgets or raise homeowners property taxes to make up for the shortfall. Probably both! Either will harm a community with a 13% unemployment rate and hundreds of salaried retirees already harmed by pension cuts.
GM has left a trail of destruction across the US for decades. Bruigville appears to be the next Flint, Michigan thanks to GM's poor management and predatory practices.
GM will start a new ad campaign next month. Instead of "Chevy Runs Deep", for me it's more like "Chevy Cuts Deep". Or maybe instead of "Heartbeat of America" how about "Killing America One City at a Time".
There was a time in america when the presence of a GM plant meant growth and wealth. Nowadays it's like an injection of cocaine that gives a temporary high then kills you.
Buy a Ford.
posted by lugh lampfhota at 12:07 AM
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