"Get your facts first, and then you can distort them as much as you please." (Mark Twain)

Wednesday, January 25, 2006

Thievery Is Job One! 

You are, of course, aware that the Ford Motor Company has announced that it will be cutting its payroll by as many as 30,000 jobs - up to 25% of its North American workforce - and close 14 plants over the next six years. CEO Bill Ford, practically drowning in his crocodile tears, says:
These cuts are a painful last resort and I'm deeply mindful of their impact. In the long run we will create far more stable and secure jobs. We all have to change and we all have to sacrifice [sic], but I believe this is the path to winning.

And, indeed, this is the path to winning - if you happen to hold FoMoCo shares. On the other hand, if you are instead one of the people who actually make the products that Ford sells - well, then, not so much.

But here's the outrageous part - from a January 23 a press release entitled FORD MOTOR COMPANY REPORTS 2005 NET INCOME OF $2 BILLION, PROFITABLE FOR THIRD CONSECUTIVE YEAR, we learn:
In addition, the company's repatriation of foreign earnings pursuant to the American Jobs Creation Act of 2004 resulted in a permanent tax savings of about $250 million.

I guess this is one of those "you say to-MAY-to; I say to-MAH-to" things. They say "repatriation of foreign earnings;" I say "taxpayer-funded subsidy." They say "permanent tax savings," I say "corporate welfare."

They say "American Jobs Creation Act of 2004" - I say "blow it out your ass."

 

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