MORRIS COUNTY — Senator Joe Pennacchio (R-26) applauded President Donald Trump’s decision to consider cutting all subsidies for General Motors, after the corporation announced this week that it plans to close five American factories and eliminate approximately 14,000 jobs.
Senator Joe Pennacchio applauded President Trump’s actions to hold GM accountable in the wake of the company’s decision to close 5 American factories and cut 14,0000 jobs.
In 2009, the Obama Administration executed a $50 billion bailout to save General Motors from going bankrupt. The layoffs GM announced this week would wipe out about 15 percent of the company’s workforce.
In the past year alone, GM has received approximately $33.5 million in federal funding.
“All too often, elected officials, including members of my own party, jump at the chance to criticize President Trump. Let them find something to be critical about here. I don’t recall any other President taking such bold steps to hold a corporate behemoth like GM accountable for their actions,” Senator Pennacchio said.
“GM has taken billions from the Federal Government, and yet they have the gall to lay off thousands of innocent people. Where did all of that money go? This is unconscionable. I commend our President for doing the right thing and standing up to the bullies at GM. The everyday worker should never pay the price for the sins of greedy executives at the top of the totem pole.”