Biden claims Big 3 automakers withhold ‘huge profits’ during UAW strike.
President Biden Calls on Automakers to Share Profits with UAW Workers
In a passionate speech from the White House, President Joe Biden criticized the Big Three automakers for not fairly distributing their “record profits” and urged them to prioritize fair contracts for United Auto Workers (UAW) union members.
The UAW, representing approximately 146,000 workers, made history by organizing simultaneous strikes at Ford, General Motors, and Stellantis. Their demands include a 40 percent pay increase, a 32-hour work week with full pay, the elimination of compensation tiers, and the restoration of cost-of-living adjustments and conventional pensions.
President Biden emphasized that the auto companies owe their success to the skill and sacrifices of UAW workers and called for a more equitable distribution of profits. As a self-proclaimed pro-union president, he acknowledged the companies’ efforts but stressed the need for further action to ensure that record corporate profits translate into fair contracts for the UAW.
According to Deutsche Bank analysts, accepting the UAW’s demands could potentially reduce annual profits by up to $2 billion for the automakers. Last year, GM reported a profit of less than $10 billion, while Stellantis posted a $17.9 billion profit. Ford, however, experienced a $2 billion loss.
Administration Officials Dispatched to Detroit
President Biden announced that Acting Labor Secretary Julie Su and White House Senior Advisor Gene Sperling would be sent to Detroit immediately to address the situation. He urged all parties to return to the negotiating table and strive for a mutually beneficial agreement, emphasizing his respect for the workers’ right to strike as part of the collective bargaining system.
Highlighting a White House study, President Biden cited the positive impact of unions on workers’ wages and reassured UAW employees concerned about the rise of electric vehicle manufacturing. He mentioned the Inflation Reduction Act, which aims to facilitate a fair and just transition to electric vehicles.
Former President Donald Trump, who is seeking the UAW’s endorsement for his 2024 campaign, expressed concerns about job losses and the shift of automobile production to China. However, UAW President Shawn Flain has refrained from endorsing either President Biden or Trump, stating that another Trump presidency would be a “disaster” for the country.
President Biden concluded his speech by emphasizing the importance of supporting auto workers and ensuring their livelihoods in the middle class. He called for a contract that sustains them and recognizes their contribution to America’s economy.
How does President Biden plan to ensure that automakers fulfill their responsibilities to UAW workers?
Ers. He highlighted the fact that these companies have reached “record profits” in recent years, yet the UAW workers have not seen significant improvements in their wages and working conditions. President Biden called this disparity “unacceptable” and called on the automakers to share their profits with the workers.
The President acknowledged the important role that unions play in fighting for workers’ rights and noted the UAW’s long history of advocating for fair treatment and better benefits. He praised the UAW members for their courage in standing up to the auto companies and their commitment to fighting for their rights.
President Biden stressed that fair contracts are not only crucial for the well-being of the workers but also for the overall economy. He emphasized that when workers are treated fairly and earn a decent wage, they can contribute more to the economy and stimulate growth. He called on the automakers to recognize the value of their workforce and to invest in their employees by offering fair wages, benefits, and working conditions.
The President also expressed his support for the demands of the UAW, including the pay increase, shorter workweek, elimination of compensation tiers, and the restoration of cost-of-living adjustments and traditional pensions. He urged the automakers to consider these demands seriously and to engage in meaningful negotiations with the union to reach a fair and mutually beneficial agreement.
President Biden made it clear that he expects the auto companies to take immediate action and fulfill their responsibilities to their workers. He warned that if they fail to do so, his administration will explore all available options to ensure that the workers are treated fairly and receive their fair share of the profits.
In conclusion, President Biden’s call for automakers to share their profits with UAW workers highlights his commitment to advocating for workers’ rights and fair treatment. He recognizes the important role that unions play in fighting for workers and understands the significance of fair contracts for the well-being of both workers and the economy. By urging the automakers to prioritize fair contracts and to invest in their workforce, President Biden is sending a strong message that he expects them to fulfill their responsibilities and ensure that workers receive their fair share.
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