Rogers and the UAW in Rare Alignment: Both Blast GM's $20 Billion Stock Buyback
Michigan Republican U.S. Senate candidate Mike Rogers and the United Auto Workers stood on the same side on Tuesday, separately attacking General Motors for putting shareholders ahead of workers after it announced a new $20 billion stock buyback plan.
According to Reuters, Rogers accused GM of misinvesting in electric vehicles: "GM lost billions on EVs nobody wanted. For two years it could have put that money into Michigan workers and building cars consumers actually want to buy; instead it chose profits over people, and Michigan autoworkers will pay for it." Rogers is competing with Democrat Abdul El-Sayed for the closely watched Senate seat; polls since mid-October have generally shown El-Sayed ahead by a few points, though many are within the margin of error.
The UAW, which has endorsed El-Sayed, also condemned the buyback as "outrageous," noting that 80% of GM workers have no pension or retiree health care and that the company is "choosing Wall Street profits over blue-collar America." GM has bought back about $29.5 billion of stock since 2023; CEO Mary Barra has said the company's shares are undervalued. The company responded that its first priority is investing in the business and its employees, and that it has reinvested more than $100 billion since 2020.
Published by GSM · USA (original Chinese edition)
Photo: 图：底特律市区天际线。图片来源：Wikimedia Commons / Photo: Downtown Detroit skyline. Source: Wikimedia Commons
