It’s no secret that Donald Trump likes to boast. This time, according to The New York Times’ Editorial Board, Trump is lying about corporate job creation, and shamefully, business giants are willingly going along with the hype. Trump’s claim that Sprint (whose parent company is Softbank) will be creating 5,000 jobs resulted in a four-point bump in the stock market in December, and fueled hope in an economic recovery.
“But it turns out that was part of a $100 billion technology fund that SoftBank announced in October, before the election. In sum, Mr. Trump’s statement was hot air, just like his tweet in which he thanked himself for an increase in a consumer confidence index last month,” writes NYT’s Editorial Board.
One again, crony capitalism is at the center of the deception says the Times. The CEO of Sprint is hoping that the FCC will allow a merger with T-Mobile, which would ultimately do more harm than good. As always, mergers cause job loss to the workers and financial gain for the executives and bankers who make the deals to join the companies.