This morning, the United Auto Workers have launched what may be the biggest strike in decades over their employers’ refusal to provide adequate pay and job security. Meanwhile, in the past twelve months, the Big Three automakers — General Motors, Ford, and Stellantis — have authorized $5 billion in stock buybacks, effectively giving billions of dollars to shareholders that could have gone to autoworkers.

On top of the stock buybacks, the Big Three have reported $21 billion in profits in just the first six months of 2023. Despite the enormous gains, the companies have cried poverty in response to union demands for wage increases to make up for decades of pay stagnation.

In a statement released last month, General Motors (GM) claimed that the United Auto Workers’ (UAW) demands “would threaten our ability to do what’s right for the long-term benefit of the team.”