Fiat Chrysler announced the company will spend $1 billion to “revamp” its Warren Truck Assembly Plant and bring back 2,500 jobs from Saltillo, Mexico to Michigan by 2020. Also, a one-time bonus of $2,000 for 60,000 employees. How’s that for more crumbs, Rep. Pelosi?
“It is only proper that our employees share in the savings generated by tax reform and that we openly acknowledge the resulting improvement in the U.S. business environment by investing in our industrial footprint accordingly,” CEO Sergio Marchionne said in a press release.
Thanks to the passage of Republican tax reform legislation, Fiat Chrysler joins dozens of other companies making pledges of bonuses and hiring more employees. Other companies include AT&T, American Airlines, Bank of America, Comcast, Southwest Airlines, and Walmart.
Waste Management announced that 34,000 employees will receive $2,000 “special bonuses”. That means the regular working people at the company, not the suits in the offices, will be compensated and they won’t think that money is crumbs.
The company said the cash bonuses will be given to its North American employees who are not on a bonus or sales incentive plan, including hourly and other employees.
Minority Leader Nancy Pelosi (D-CA) is having a particularly difficult time in coping with the immediate response from the business and financial industries to the tax legislation. She first began by calling the tax reform bill “brazen theft” that “betrays the future and betrays the aspirations of our children.” Then she called it Armageddon.
“The debate on health care is life, death. This is Armageddon,” Pelosi said. “This is a very big deal, because you know why? There’s really a very hard way to come back from this.”
As the good news continued flowing, often on a daily basis, she decided to belittle the benefits of the legislation. The San Francisco politician married to a multi-millionaire leads such a privileged existence that she now refers to the bonuses and raises being doled out to employees as “crumbs”.
“In terms of the bonus that corporate America received versus the crumbs that they are giving workers to kind of put the schmooze on is so pathetic. It’s so pathetic,” Pelosi said.
About 80% of Americans will receive tax cuts thanks to this legislation. This is real money for working people. For people living paycheck to paycheck, single parents, and families that hope to take a vacation, the bonus money, and lower tax rates are not crumbs. For teachers using their own money on school supplies for students, they will be able to continue to write off a portion of that expense. For couples longing to adopt children, the legislation helps with that expense. For parents with children, the child tax credit has increased. It sounds like Nancy Pelosi is the pathetic one to me.