AT&T: A Job Creator. Wait, Job? Jobs?
June 6, 2019
Gee, why didn’t that work out as promised? We were told the administration’s tax cuts for big business would lead to more jobs, but here is the latest disappointment in that arena: BoingBoing reports, “AT&T Promised It Would Create 7,000 Jobs if Trump Went Through with Its $3B Tax-Cut, but They Cut 23,000 Jobs Instead.” The very brief but indignant write-up cites this Ars Technica piece, and summarizes:
“In 2017, AT&T CEO Randall Stephenson campaigned for Trump’s massive tax-cuts by promising that they would create 7,000 jobs with the $3,000,000,000 they stood to gain, as well as investing in new infrastructure: instead, the company has reduced its headcount by 23,328 workers (6,000 in the first three months of 2019!) while reducing capital expenditures by $1.4B (AT&T reduced capex by another $900m in Q1/2019). AT&T substantially increased executive bonuses over the same period.”
Of course the phone outfit did. AT&T acknowledges these findings by the Communications Workers of America (CWA), but blames the discrepancy on the fact that “technology is changing rapidly.” Was that a surprise? Perhaps high-tech companies should refrain from making promises they are not sure they can keep.
Cynthia Murrell, June 5, 2019
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