Bush-Obama depression era-the new working poor
I read a couple of articles from Japanese publications and this is what a few of them coined this era. These are people who have the lost decade and live the lives of the working poor. The US seems to be following in the same mistakes Japan has already made.
I am against any more bailouts or stimulus packages. We have spent a few trillion dollars already and only have a worse economy and a bigger deficit to show for it. Those bailouts were approved by the same Democrat controlled Congress trying to get another stimulus package passed under Obama.
They were responsible for the wasteful spending that the TARP money has been used for ($18 billion dollar in CEO bonuses, million dollar office remodels including a $35,000 toilet, and lavish company parties paid by taxpayer dollars) and have yet to hold accountable the many corrupted business people who took advantage. I don’t think these are the solutions to our problems. I am a big Ron Paul and Pete Schiff fan and they don’t just criticize the plans but they also offer up solutions to the economic problems.
So far this year or should I say this month, we have lost 277,299 layoffs from the major companies. More bailouts and stimulus packages will not prevent this. Deficit spending our way out of a recession is a theory that won’t work nor will it get these jobs back. This list doesn’t include all the companies that have simply shut their doors forever. CNN.Money:
Company Number of cuts Date Industry Total: 277,229 NEC Corp. 20,000 1/30/2009 Computer Hardware Dexia 900 1/30/2009 Financial Chicos 180 1/30/2009 Retail Caterpillar 2,110 1/30/2009 Manufacturing Cessna 2,000 1/29/2009 Aerospace & Defense Bon-Ton Stores 1,150 1/29/2009 Retail Charles Schwab 600 1/29/2009 Financial Walt Disney ABC 200 1/29/2009 Media & Entertainment Kodak 3,0007
2,000-3,0001/29/2009 Consumer Products Oshkosh 1,050 1/29/2009 Automotive AstraZeneca 6,000 1/29/2009 Health care Jabil Circuit 3,000 1/28/2009 Manufacturing Nissan 110 1/28/2009 Automotive Ford Motor Co. Credit 1,200 1/28/2009 Financial Allstate Financial 1,000 1/28/2009 Financial Boeing 5,500 1/28/2009 Aerospace & Defense AOL 700 1/28/2009 Technology Abbott 200 1/28/2009 Health care Dell unspecified 1/28/2009 Computer Hardware Starbucks 6,700 1/28/2009 Food & Beverages Panasonic 650 1/28/2009 Consumer Products Avery Dennison 3,600 1/27/2009 Chemicals Best Buy unspecified 1/27/2009 Retail Quiksilver 200 1/27/2009 Retail Corning 4,9006
3500 full time, 1400 temp1/27/2009 Materials Weyerhaeuser 220 1/27/2009 Materials Baker Hughes 1,500 1/27/2009 Energy Navistar International 700 1/27/2009 Automotive Target unspecified 1/27/2009 Retail Volvo 650 1/27/2009 Automotive ING Group 7,000 1/26/2009 Financial John Deere 700 1/26/2009 Manufacturing Sprint Nextel 8,000 1/26/2009 Telecommunications Home Depot 7,000 1/26/2009 Retail Caterpillar 20,000 1/26/2009 Manufacturing Pfizer 20,0003
5%-7% of global research unit of 10,000 people1/26/2009 Health care Corus Group 3,500 1/26/2009 Metals Texas Instrument 3,400 1/26/2009 Computer Hardware Harley-Davidson 1,100 1/23/2009 Automotive Polaris Industries 460 1/23/2009 Automotive American Greetings 200 1/23/2009 Consumer Products Compass Bank 1,200 1/23/2009 Financial Schlumberger 5,000 1/23/2009 Energy Microsoft 5,000 1/22/2009 Computer Software Hunstman Corporation 1,175 1/22/2009 Chemicals Ericsson 5,000 1/21/2009 Telecommunications BHP Billiton 6,000 1/21/2009 Metals Clear Channel Communications 1,850 1/21/2009 Media & Entertainment Eaton 5,200 1/21/2009 Automotive UAL Corp 1,000 1/21/2009 Transportation Intel 6,0004
5,000-6,0001/21/2009 Computer Hardware GM 3395
30% of hourly staff in NY plant, temporary layoff1/21/2009 Automotive Williams-Sonoma 1,400 1/21/2009 Retail Rohm and Haas 900 1/20/2009 Chemicals Warner Bros. 800 1/20/2009 Media & Entertainment Honda 3,100 1/16/2009 Automotive WellPoint 1,500 1/16/2009 Health care Circuit City 30,000 1/16/2009 Retail Hertz 4,000 1/16/2009 Transportation Blue Cross Blue Shield of Michigan 1,000 1/16/2009 Health care Advanced Micro Devices 1,100 1/16/2009 Computer Hardware ConocoPhillips 1,300 1/16/2009 Energy 100 1/15/2009 Technology Autodesk 750 1/15/2009 Technology MeadWestvaco Corporation 2,000 1/15/2009 Materials Saks Fifth Avenue 1,100 1/15/2009 Retail Barclay’s 2,100 1/14/2009 Financial Cummins 800 1/14/2009 Manufacturing Motorola 4,000 1/14/2009 Telecommunications Barnes and Noble 100 1/14/2009 Retail Pfizer 700 1/13/2009 Health care ING Group 950 1/13/2009 Financial Neiman Marcus Group 375 1/13/2009 Retail World Wrestling Entertainment 602
10%1/9/2009 Media & Entertainment Boeing 4,500 1/9/2009 Aerospace & Defense Cessna 2,000 1/9/2009 Aerospace & Defense Dell 1,900 1/8/2009 Computer Hardware TDK Corp. 8,000 1/8/2009 Materials Walgreens 1,000 1/8/2009 Retail Haliburton unspecified 1/8/2009 Aerospace & Defense Schlumberger 1,000 1/8/2009 Energy EMC Corp. 2,400 1/7/2009 Computer Hardware Ethan Allen 350 1/7/2009 Retail New York & Co. 350 1/7/2009 Retail Macy’s 900 1/7/2009 Retail Logitech 5001
15%1/6/2009 Computer Hardware Alcoa 13,500 1/6/2009 Metals & Mining Cigna 1,100 1/5/2009
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