The news is buzzing with the decision by General Motors to halt its advertising on Facebook.
The rescued automaker reported its best profits as a 103-year-old company in February. However, the 62 percent increase in sales performance compared to its previous year still has GM leaders calling for belt-tightening measures despite the $50 billion of taxpayer funding that came with a provision to pay reduced taxes as a part of the bailout.
The advantaged company enjoying our hard-earned money at least does something our government is not doing. GM is assessing its problems, changing its habits and reducing its spending.
In addition to the cut of $10 million for direct Facebook advertising, GM executives were reported by the Wall Street Journal to talk of the “urgent need to slash expenses everywhere and to restructure its long-struggling business in Europe.” GM personnel also will experience a freeze in pay among salaried employees, with aggressive negotiations ongoing with its labor force.
So, fellow GM shareholders, it seems our bailed-out automaker is doing a better job in adapting to the economy with positive results than the political class in the District of Columbia.