Over the past few years, companies made promises to create jobs and increase wages in exchange for massive tax cuts. Communications Workers of America (CWA) District 4 Administrative Director Frank Mathews joined AWF Union Podcast to discuss those companies and what they actually did with their tax cut.
AT&T cutting more jobs
One major story involves telecommunications giant AT&T cutting massive amounts of jobs after promising to add massive amounts of jobs.
Mathews said it all started when President Trump began working to provide a massive corporate tax cut. AT&T promised that if they were provided the tax cut they would create 140,000 new jobs. However, they have since removed 40,000 jobs.
Sped up by the coronavirus pandemic, AT&T continues to cut jobs. Mathews said elected officials from throughout the country have written letters to AT&T asking them to end their jobs cutting.
Mathews said the company could be helping local economies by keeping these people employed. However, AT&T has decided to move in the opposite direction, cutting jobs and providing company higher-ups with bonuses and raises.
Propped up stock market
Mathews then spoke about the stock market. He said this has been one of the top indicators of how the economy is doing according to President Trump.
Mathews said it is obvious the market is being artificially propped up by companies conducting stock buyback. He added that these buybacks are of no value to the average shareholder and that buybacks only help those at the top of the company.
CWA getting out the vote
Mathews later switched gears and began to discuss the upcoming election and how he expects CWA members to vote in November.
He said the CWA leadership has encouraged members to make a plan to vote. Mathews prefers they vote from home and either mail or drop their ballot off, but are suggesting people who wish to vote in-person, do so as early as possible.
He added that this is one of the most important elections in history for organized labor. With the anti-labor, union-busting National Labor Relations Board, Mathews said union members need to understand how Joe Biden will give them a voice at the table.