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submitted 1 year ago by MicroWave@lemmy.world to c/news@lemmy.world

Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future.

In a rare speech during contract talks in the company’s hometown of Dearborn, Michigan, Ford said high labor costs could limit spending to develop new vehicles and invest in factories. “It’s the absolute lifeblood of our company. And if we lose it, we will lose to the competition. America loses. Many jobs will be lost,” said the great grandson of company founder Henry Ford.

The company, he said, builds more vehicles in America and has more United Auto Workers employees than any company, which has increased its costs in a highly competitive industry.

Ford has 57,000 UAW workers compared with 46,000 at GM and 43,000 at Stellantis. “Many of our competitors moved jobs to Mexico as we added jobs here in the U.S.,” Ford said.

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[-] Jaysyn@kbin.social 295 points 1 year ago* (last edited 1 year ago)

So?

If you can't pay your workers a living wage, you don't fucking deserve to exist as a company.

Cry more, capitalist.

[-] argo_yamato@lemm.ee 164 points 1 year ago

“No business which depends for existence on paying less than living wages to its workers has any right to continue in this country.” - FDR

[-] themeatbridge@lemmy.world 141 points 1 year ago

And just in case there is any confusion, here's the next line:

By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level-I mean the wages of decent living.

If he saw what modern minimum wage has become, he would be disgusted.

[-] tsonfeir@lemm.ee 37 points 1 year ago

The republicans sure have a problem defining decency

[-] FuglyDuck@lemmy.world 28 points 1 year ago

Not really, they just define it the same as everything else they don’t like: decency is “woke”

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[-] Transcendant@lemmy.world 70 points 1 year ago

If they're paying dividends to shareholders, and fatcat salaries to CEO / upper board, whilst their workers need gov topups and assistance to survive... they can get fucked.

It never fails to amaze me that there's so much focus on 'benefit scroungers', whilst a majority of big businesses gain the giant benefit of cheap wages while their workers need gov assistance to get by. There are piggies with their snouts at the top, and they sit on the boards / are CEOs of big companies & multinationals.

[-] squiblet@kbin.social 23 points 1 year ago

It's the usual backwards conservative shit, much like their stance on illegal immigration. They demonize immigrants from Central America while largely conservative businesses are the ones who hire them and give them a reason to come here. So, as DeSantis found out, they don't actually want laws to stop it. Same with welfare, like you're saying... they act like people on public assistance are scum somehow, and like they want to decrease it, but then companies like Walmart are setup to benefit from it by being able to pay their workers less.

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[-] sylver_dragon@lemmy.world 166 points 1 year ago

Ford Motor Co.'s second-quarter profit more than tripled to $1.92 billion versus a year ago (source)
Revenue rose 12% to $44.95 billion

Kinda hard to drum up sympathy for the company when it's raking in almost $2 billion in profit per quarter. Yes, Ford is burning about $1billon per quarter on EVs right now. That's not something the workers should be financing. That's money the company is investing to be viable in the future. That sucks for the shareholders; but, they are the ones who will reap any benefits of that investment and they should be the ones eating the cost.

[-] CADmonkey@lemmy.world 64 points 1 year ago

they are the ones who will reap any benefits of that investment and they should be the ones eating the cost.

They seem to have forgotten that "The investor takes the risk", sometimes its not all fst dividends.

[-] SeaJ@lemm.ee 117 points 1 year ago

Sounds like the executives should take a pay cut.

[-] BottleOfAlkahest@lemmy.world 50 points 1 year ago

Realistically executive salaries probably won't cover a salary increase across the workforce foe the whole country. Not doing a stock buy back just might though.

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[-] Bluefalcon@discuss.tchncs.de 110 points 1 year ago

His salary in 2022 was 17.3 million and that’s down from 18.7 million in 2021. They could have paid 200 employees 85k a year instead of one pointless executive. So maybe the executives are the reason for the company going under.

https://www.detroitnews.com/story/business/autos/ford/2023/03/31/heres-how-much-ford-ceo-jim-farley-made-last-year/70067820007/#:~:text=Bill%20Ford%20Jr.%27s%20total,%2421.5%20million%20in%20direct%20compensation.

[-] DragonTypeWyvern@literature.cafe 86 points 1 year ago* (last edited 1 year ago)

That's just salary.

His other compensations, benefits, and free services like company jets and private dining, provide a very significant increase of their own.

C-level compensation is never merely in pay, there's a whole incredibly expensive ecosystem to support as well.

And, in addition to his surprising decision to pay himself more than his predecessor, he was a major stock holder before he took over the position, so he's getting dividends and stockholder equity as well.

Heyyyy, wait a minute.

Didn't he decide to do a stock buyback with company funds? 3.5 billion worth over the past decade? $400 million in the last year?

Weren't those things considered the kind of market manipulation that helped cause the Great Depression?

[-] Pulptastic@midwest.social 28 points 1 year ago

That sounds like $3.5B of equity that could be leveraged to develop new vehicles, build new factories, and pay employees a fair wage.

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[-] athos77@kbin.social 83 points 1 year ago

First, let's talk about stock buybacks, government bailouts, pandemic assistance money, and record profits, all of which happened after workers accepted reduced pay and reduced benefits to help "make the company profitable again".

[-] ramble81@lemm.ee 33 points 1 year ago

Remember folks, profits means money is being withheld from the workers.

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[-] TheLurker@lemmy.world 68 points 1 year ago

Sounds like a bad business strategy is the real problem.

I mean if you can't afford to innovate and pay your staff a livable wage then you don't have a sound business model.

[-] Starkstruck@lemmy.world 68 points 1 year ago

Y'know, he could always just AGREE TO THEIR TERMS! The company being at stake is the entire point of unionizing.

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[-] Veedem@lemmy.world 62 points 1 year ago

Ford spent almost $500 million on stock buybacks in 2022. GM spent around $3 billion. Maybe priorities needs to be adjusted.

[-] forrgott@lemm.ee 58 points 1 year ago

"This strike is preventing my company from having a future"

Umm. Yes. Yes it is. That's the entire point you complete idiot.

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[-] Rooskie91@discuss.online 57 points 1 year ago

Isn't it he who has the power to end the strike?

[-] elbarto777@lemmy.world 25 points 1 year ago

And probably the one with millions in bonuses at the end of the strike.

[-] nocturne213@lemm.ee 56 points 1 year ago

Sounds like Bill needs to pull himself up by his bootstraps.

[-] CmdrShepard@lemmy.one 22 points 1 year ago

But what about all the work his grest grandfather did to build the company? Shouldn't he be entitled to live large off that man's work by virtue of his birthright?

So what if these workers who actually build the product that Ford sells can't afford food or shelter. This man struggled to be born into the correct family, and he's entitled to his fortune!

[-] FartsWithAnAccent@lemmy.world 51 points 1 year ago

Boo hoo rich guy, take care of your fucking employees

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[-] mlg@lemmy.world 49 points 1 year ago

Lmao, talk to any former ford employee and they'll probably show the middle finger to the entire board if they could.

They run the layoff cycle literally every other year to cut costs whenever sales even hint at slowing down, all while paying CEOs massive money.

"Yeah we moved to mexico less than our competitors so that makes us better"

[-] spudwart@spudwart.com 49 points 1 year ago
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[-] argo_yamato@lemm.ee 48 points 1 year ago* (last edited 1 year ago)

Oh boohoo Bill.

But he also said Ford is paying CEO Jim Farley $21 million per year when starting pay for Ford factory workers is up only about $3 per hour from when he started with the company 31 years ago.

Ford’s offer of a 23% general wage increase barely covers inflation over the last three or four years, said Applebee, 59.

[-] Transcendant@lemmy.world 41 points 1 year ago

That is fucking insane. $3 per hour wage increase in 31 years?!

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[-] AkaBobHoward@lemmy.world 47 points 1 year ago

Sounds to me like he has plenty of power to end the strike, he can see the concrete requirements from the workers. Grant them, in full, strike ends, company safe. Sounds simple Mr. 21 Million plus perks.

[-] Furedadmins@lemmy.world 39 points 1 year ago

Ford does not give a shit if an employee dies. Sucks doesn't it?

[-] GentlemanLoser@ttrpg.network 31 points 1 year ago

They don't care if their customers, die either. Pretty sure they got caught doing a cost benefit analysis on fixing defective Pintos vs paying the wrongful death suits and deciding it was cheaper to let people keep dying.

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[-] teamevil@lemmy.world 34 points 1 year ago* (last edited 1 year ago)

Well then Ford make a decision. Do you want a company or not, because you can absolutely remain profitable whilst paying your employees properly. Without employees to do the labor to make the products you sell you have nothing, so it seems like the best course of action would be to make sure the folks ensuring your business has product to sell should be properly motivated to continue to want to provide their time and labor. Their time is the same as the Csuite's time, you cannot get it back, so they deserve to get paid properly.

[-] norske@lemmynsfw.com 34 points 1 year ago

Any business that can’t afford to pay its workers a living wage shouldn’t remain in business.

[-] roboticide@lemmy.world 33 points 1 year ago

Ford C-suite took home $71 million in 2021 (most recent year I could find data). They could give each worker a $1000+ bonus and still walk away with $10 million. Not that $1000 is enough for each worker, but just to illustrate that there is a ton of money floating around, they just don't want the workers to have it. It's not future investment they're worried about (they get massive tax breaks for all these new facilities, and new car designs are all being done by salaried white collar engineers anyway), it's shareholder profits. Ford doesn't want to lower their reported annual profits by increasing their worker costs.

Fuck shareholders, and fuck the C-suite for looking out for their interests instead of their workers. They don't actually produce anything. The workers are the real company asset here, not some Wall Street goon who bought stock.

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[-] oakey66@lemmy.world 29 points 1 year ago

Maybe you should make your workers whole then. Sounds like that’s a you problem not a union problem.

[-] malloc@lemmy.world 29 points 1 year ago

Ford should just get rid of their C-level executive team.

[-] FlyingSquid@lemmy.world 27 points 1 year ago

That's the whole fucking point, you idiot.

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[-] AllonzeeLV@lemmy.world 26 points 1 year ago* (last edited 1 year ago)

Decent ownership would sacrifice most of of their profits to see the company through difficult periods, as was done prior to the Jack Welch/Ronald Reagan corporate culture sociopathification half a century ago when the oligarchs decided to abandon any mutual respect for their workers and exploit everything away from their labor force, after sabotaging labor power legislatively of course.

That doesn't happen anymore though. Bill Ford will never encounter a moment of concern about how he'll afford groceries or a mortgage, regardless of the outcome of this strike. Fuck these capitalist manipulators, and fuck this country for bowing to the desires of the haves while ignoring the needs of the have nots.

Why should the laborers, America's paycheck to paycheck losers, care about the future of this exploitative country's ability to remain as it is, systematically fucking them over? Why would they want their children to be subject to this rigged system as it currently is?

If the laborers weren't propagandized from birth by the capitalists to believe this rigged economy to be the only way, they'd be actively burning this crooked place down to the ground.

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[-] Hildegarde@lemmy.world 25 points 1 year ago

Then agree to every single one of their demands.

Saving companies from a striking workforce is incredibly easy.

[-] carl_dungeon@lemmy.world 25 points 1 year ago

I bet plantation owners made similar speeches.

[-] Riyria@sopuli.xyz 23 points 1 year ago

Oh no! The grandson of one of Hitler’s largest US supporters might lose money. How awful. So sad. Fuck Ford.

Ford, GM, and Stellantis are lucky they even exist. The government should have let them collapse and did in 2008.

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this post was submitted on 16 Oct 2023
366 points (97.7% liked)

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