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Investors.com
Private Sector
Troubled, Bailing Out After Obama Win
Posted 11/12/2012
The National Manufacturers Association forecasts 6 million layoffs and
an 11% unemployment rate as a result of Obama's pending tax hikes and
regulatory siege.
Starting with Pepsi, some 4,000 layoffs have been announced in the wake
of the election.
Boeing has announced it will lay off 10% of its white collar work
force, costing thousands of jobs. Caterpillar is laying off 100 as it
shuts a plant in Minnesota.
The coal industry is particularly hard hit and its executives have made
clear they believe Obama's war on coal is responsible. Murray Energy is
laying off 54 people at American Coal in Ohio and 102 at Utah American
Energy. Teco is laying off 90 in Kentucky.
Similarly, medical companies are shedding workers as ObamaCare forces
them to pay new taxes. Boston Scientific is laying off 1,400 and moving
manufacturing to China. Abbott Labs is laying off 700. Bristol Myers
Squibb is letting 480 go. The Center for Hospice and Palliative Care is
giving pink slips to 40. St. Jude Medical is laying off 300. CVPH
Medical Center is cutting 17.
And what about the hipster companies thought to be in favor with the
Obama administration?
Groupon is laying off 600. New Energy is letting go of 40 in Indiana.
Career Education is letting 900 walk and closing 23 campuses. Exide
Technologies, a recycler, announced Thursday it will pink slip 150 in
Pennsylvania. Research In Motion will give 200 in Texas their walking
papers.
If there's some reason to laugh at the direction the economy is heading
— with people and companies and jobs moving elsewhere, we have yet to
see it.
Read the rest of this article at Investors.com
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