TV News LIES

John Paulson, a hedge fund billionaire and one of Donald Trump’s earliest Wall Street backers, is planning to offshore an Ohio manufacturing plant to China despite heavy pushback from employees.

Workers at the plant call the move “a slap in our face”, after Paulson vocally defended domestic manufacturing, and are fighting to keep the plant open.

Conn Selmer, the largest US manufacturer of brass and orchestra instruments, told the union it planned to offshore most work at its Eastlake, Ohio, plant to China by the end of June 2026, eliminating 150 jobs.

United Auto Workers (UAW) Local 2359, which represents the 150 employees, said workers were informed of the closing when it first sat down to bargain over their new union contract last month.

“We came in with a full proposal, fully prepared to bargain, and they started off with a presentation of telling us how bad we were doing,” said Robert Hines, president of UAW Local 2359 and an employee at the plant. The company told them there would be no bargaining and the plant would be closing.

Workers say offshoring is an attack on the union, citing rhetoric that the plant has not been productive despite previous praise from company management.

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Over the last year, US corporate leaders have often explained layoffs by saying the positions were no longer needed because artificial intelligence had made their companies more efficient, replacing humans with computers.

But some economists and technology analysts have expressed skepticism about such justifications and instead think that such workforce cuts are driven by factors like the impact of tariffs, overhiring during the Covid-19 pandemic and perhaps simple maximising of profits.

While AI is having an impact on the workplace, experts suggest tariffs, overhiring during the pandemic and simply maximising profits may be bigger factors

In short, the CEOs are allegedly engaged in “AI-washing”.

“You can say, ‘We are integrating the newest technology into our business processes, so we are very much a technological frontrunner, and we have to let go of these people,’” said Fabian Stephany, a departmental research lecturer at the Oxford Internet Institute.

In 2025, AI was cited as a reason for more than 54,000 layoffs, according to a December report from the consulting firm Challenger, Gray & Christmas.

In January, Amazon alone laid off 16,000 workers after making 14,000 reductions in October.

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For years, I opposed Universal Basic Income, firmly and reflexively. I treated it as a liberal fantasy — an invitation to idleness, a subsidy for stagnation, a sedative administered by a bloated state. Work, I believed, wasn’t merely how societies functioned but how men and women found meaning. Pay people for nothing, and you dissolve discipline. That was the story. I told it often.

That position no longer survives contact with reality.

Something fundamental has shifted, and pretending otherwise is nothing short of denial. The AI revolution is here, and it’s gutting entire sectors with hurricane force. This isn’t an industrial transition, nor a replay of mechanization or globalization. It is a technological rupture of a different magnitude. Machines replacing not only muscle but cognition itself: judgment, pattern recognition, reasoning. And it’s advancing at a pace that outstrips legislation, labor markets, and political capacity, moving faster than most in government are willing to admit.

The most sobering warning comes from Geoffrey Hinton, one of the architects of modern AI. Hinton hasn’t joined the hype merchants. Instead, he has joined the alarmists. His claim is troubling: AI capability is effectively doubling every seven months. Not every decade. Not every few years. Every seven months.

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United Parcel Service on Tuesday said it would cut up to 30,000 operational roles in 2026, adding to last year’s job reductions as the delivery giant looks to accelerate a turnaround fueled by a pivot to higher-margin shipments.

The company also beat Wall Street estimates for quarterly results in the all-important holiday period and forecast a surprise rise in annual revenue.

UPS in January last year said it would accelerate a plan to slash millions of low-profit deliveries for Amazon, its largest customer and a growing delivery rival, calling the business “extraordinarily dilutive” to margins.

The workforce reduction will “be accomplished through attrition and we expect to offer a second voluntary separation program for full-time drivers”, chief financial officer Brian Dykes said on a post-earnings call.

The company’s shares were down 1% in premarket trading.

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Nearly 400 millionaires and billionaires from 24 countries are calling on global leaders to increase taxes on the super-rich, amid growing concern that the wealthiest in society are buying political influence.

An open letter, released to coincide with the World Economic Forum in Davos, calls on global leaders attending this week’s conference to close the widening gap between the super-rich and everyone else.

The letter, signed by luminaries including the actor and film-maker Mark Ruffalo, the musician Brian Eno and the film producer and philanthropist Abigail Disney, says extreme wealth is polluting politics, driving social exclusion and fuelling the climate emergency.

"A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet,” it reads. “What we treasure, rich and poor alike, is being eaten away by those intent on growing the gulf between their vast power and everyone else.

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Senate Republicans are rushing to defend Federal Reserve Chair Jerome Powell from a Department of Justice (DOJ) criminal investigation that Powell says is politically motivated and aimed at undercutting the Fed’s independence.

GOP lawmakers are challenging the Trump administration’s investigation of Powell a week after five Republican senators voted to advance a war powers resolution to bar Trump from taking military action against Venezuela without congressional authorization.

The loudest warning shot against the White House came from Sen. Thom Tillis (R-N.C.), a senior member of the Senate Banking Committee, who accused Trump’s advisers of deliberately trying to undercut the Fed’s independence and threatened to block the president’s nominees to the Fed until the investigation is “fully resolved.”

He said the criminal probe into Powell’s testimony before Congress last year over the $2.5 billion renovation of the Fed’s headquarters in Washington raises questions about the “independence and credibility of the Department of Justice.”

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