The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Bank of America, the nation’s largest bank, plans to cut about 30,000 jobs over the next few years in an effort to save $5 billion per year. These cuts, many of which the company expects to come through eliminating unfilled positions, will follow up 6,000 job cuts that the bank has already made through the third quarter of this year.

The bank’s plan to cut 10 percent of its workforce is yet another sign that Congress’ policy of corporate welfare is not working. Senate Minority Leader Mitch McConnell says that President Obama must lower the corporate tax rate and “be as bold about liberating job creators as he is about shackling them” if he hopes to lower unemployment and stimulate the economy. It’s hard to see what more could be done for a “job creator” like Bank of America, however.

Bank of America received $45 billion dollars of capital investments and emergency funding through the 2008 Troubled Asset Relief Program, it paid zero dollars in federal income tax in 2009 and 2010, and last year it received a tax refund of $1.9 billion from the IRS despite making $4.4 billion in profits. But despite all of this goodwill from the U.S. government, Bank of America is choosing to eliminate 30,000 more jobs in a climate of over 9 percent unemployment.

It’s about time that we stop showering praise on companies like Bank of America, which receive charity from the federal government and respond by exploiting loopholes to avoid paying taxes, and by cutting jobs at the worst possible time. It’s time to be honest with ourselves: Bank of America is not a “job creator;” it’s a profit-seeking institution without concern for the public good.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Lara Trump

Reprinted with permission from Daily Kos

Guillermo Garcia, a soccer coach, was fundraising for his daughter's soccer team outside of an El Paso, Texas, Walmart on August 3, 2019 when a white supremacist opened fire, killing him and 22 others in what The New York Times called "the deadliest anti-Latino attack in modern American history." El Paso Police Chief Greg Allen told The Dallas Morning News that Patrick Crusius, who was 21 years old at the time, purchased a 7.62 mm caliber gun and drove some 10 hours west from Allen, Texas, to carry out the massacre.

Keep reading... Show less

Close