Another opinion on the decline of tradespeople…here and abroad:
“My husband and I moved from Sweden to the U.S. in 2013 to be close to our daughter and grandchild who live here.
“Our observations since moving to the U.S. have been that Sweden is following the U.S.A. Like a little brother. And not all for the good.
“Less craftsmen in Sweden; more unhappy young people.
“Many young people,who would rather work with their hands, are studying because ‘you should’!
“In Sweden, by tradition, we have a lot of craftsmen. Colleges and universities are free.
“It used to be that students who really wanted to study did and the ones who came from blue-collar families, by tradition, went straight to work after 9th grade at the age of 15-16 (not all but the majority).
“As we have 5 weeks paid vacation and free health care, most people have a good life.
“We still have a large group of workmen: carpenters, plumbers, stonemasons, farmers, mechanics and so on.
“Today the government is sort of brainwashing [young people] by saying everyone has to study and if you don’t, you are not as worthy.
“Here [in the U.S.], one of the first questions is, what college did you go to? So strange. Not, what are you working with/doing?
Your Rundown for Monday, November 26, 2018
GM: Addition By Subtraction?
Today GM announced it will close several plants in North America, eliminate several car models and free up about $6 billion in cash.
In order to do so, the automaker will cut “its salaried workforce in North America by 15% —and its executives by 25%,” TechCrunch reports. Meaning, 15,000 workers will be out of work in the U.S. and Canada.
GM also plans to phase out the Chevrolet Cruze, the Chevrolet Impala and the Cadillac CT6. The company, like most carmakers, is on a quest to capture a greater share of the truck and SUV market.
Meanwhile, GM will double engineers working on electric and self-driving cars by 2020.
(The UAW, by the way, says it will fight the plant closures and layoffs in court. We’ll see what happens there.)
Mary Barra, GM’s CEO says, “The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future.
“These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle.”
Seems as if investors endorse GM’s belt-tightening measures. On the news, shares jumped almost 8%.
Market Rundown for Mon. November 26, 2018
S&P 500 is up 36 points to 2,667.93.
Oil is up $1.35 to $51.85 for a barrel of West Texas crude.
Gold is down just 29 cents to $1,222.90 per ounce.
Bitcoin is down $216.95 to $3,789.72.
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