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AT&T pocketed Trump’s tax cuts after promising 7,000 new jobs — but it slashed 23,000 jobs instead

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Telecom giant AT&T promised big things in the wake of President Donald Trump’s signature tax cut that passed in 2017 — but a new report suggests those promises haven’t come close to being realized.

Ars Technica reports that AT&T has actually cut 23,000 jobs ever since the passage of the tax law, even though it lobbied for the law and claimed it would help create thousands more jobs.

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“AT&T’s total employment was 254,000 as of December 31, 2017 and rose to 262,290 by March 31, 2019,” the report states. “But AT&T’s overall workforce increased only because of its acquisition of Time Warner Inc. and two smaller companies, which together added 31,618 employees during 2018… Excluding employees gained via mergers, AT&T’s workforce dropped from 254,000 to 230,672.”

Additionally, Ars Technica found that AT&T actually slashed its capital spending in the wake of the tax cut, which was supposed to free up more money for companies to make big investments.

“AT&T reported $21.6 billion in capital expenses in 2017 and $21.3 billion in 2018, a cut of $300 million,” the report notes. “AT&T capital spending is already down more than $900 million this year, as the telco reported Q1 2019 capital expenditures of $5.18 billion, down from $6.12 billion in Q2 2018.”

Read the whole report here.


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WATCH: New Zealand prime minister unfazed as quake hits during an interview

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A moderate 5.6-magnitude earthquake rattled New Zealand's North Island early Monday but failed to crack Prime Minister Jacinda Ardern's trademark composure as she conducted a live television interview.

The quake struck just off the coast before 8:00 am local time (2000 Sunday GMT) at a depth of about 52 kilometres (32 miles) near Levin, about 90 kilometres north of Wellington, the US Geological Survey said.

St John Ambulance and New Zealand Police both said there were no initial reports of injuries or damage. There was no tsunami warning.

But there was sustained shaking in Wellington, where Ardern was being interviewed on breakfast television from parliament's Beehive building, which is designed to absorb seismic forces by swaying slightly on its foundations.

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US farmers are starting to worry as crop prices dip during COVID-19 crisis: ‘It’s kind of glum’

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Dave Burrier steered his tractor through a field, following a GPS map as he tried to plant as much corn as possible amid the yellow and green rye covering the ground.

Striving to get a massive yield out of his crops in rural Maryland is how Burrier hopes to make it through yet another uncertain year, beset by market disruptions caused by the COVID-19 pandemic and renewed trade tensions between the United States and China.

"We've had so much price erosion that we're basically at below the cost of production. We've got to figure out how to manage and turn a profit," Burrier told AFP.

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‘It’s the first time I’ve played golf in almost 3 months’: Trump makes excuses for golfing during coronavirus pandemic

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President Donald Trump was blasted on Sunday for playing golf during the coronavirus pandemic, a dramatic economic recession and after proclaiming churches "essential."

Instead of joining his voters sitting in the pews, Trump went for the links, which drew criticisms for the hypocrisy.

"Sleepy Joe’s representatives have just put out an ad saying that I went to play golf (exercise) today. They think I should stay in the White House at all times. What they didn’t say is that it’s the first time I’ve played golf in almost 3 months, that Biden was constantly vacationing, relaxing & making shady deals with other countries, & that Barack was always playing golf, doing much of his traveling in a fume spewing 747 to play golf in Hawaii - Once even teeing off immediately after announcing the gruesome death of a great young man by ISIS!" tweeted Trump.

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