Another Reason to Bring Our Jobs Home: GM Plant in Venezuela Seized
Instability around the world is another reason to Make it in the USA. Last month, the government of Venezuela seized a General Motors plant as riots and chaos engulf the country, which is in the middle of an economic depression and political instability.
GM will have to take a $100 Million loss on the plant, and while the company has said it plans to fight the seizure, it is unlikely it will regain control of the plant anytime soon.
The political and economic crisis that has been simmering in Venezuela for months appears now to be boiling over. Tens of thousands of protestors have been filling the streets of cities all across the country to express their outrage against President Nicolás Maduro’s catastrophic economic policies and his attempts to squash the country’s democratic institutions.
Ford also removed its Venezuelan operations from its books in 2015 and took an $800-million charge to account for the loss of value of its plant. GM opened its plant in Venezuela in 1948 but stopped making vehicles there as the economy faltered.
Bring our jobs Home co-founder Frank Spotorno said that the problems in Venezuela point to another reason to return the auto manufacturing jobs back to the USA. “Detroit was the auto capital of the world. Then the jobs left our country and you have to make sure that if you are buying an American car like a Lincoln or a Ford that I buy, that they are made in America.”
“GM just lost $100 Million and Ford took an $800 Million loss on their plants in Venezuela. Just think what we could do with that $900 Million here in the USA, building and modernizing plants and hiring American workers waiting for the call,” said Spotorno.