Get Ready for More Job Cuts
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Jobs? What Jobs?
Obama said the stimulus saved or created 640,000 jobs, but to date, there is still no evidence of any jobs created. Maybe when he said saved, he actually meant that those people who are still employed have, so far, been saved from being laid off. Exactly how the White House estimates their figures is not clear to anyone, we can only assume that they have a different way of calculating than the average person.
World Net Daily today said that after careful calculations of the jobless figures they found that the true unemployment rate is 22.1%, again the numbers are far from that of Obama.
What we do know for sure is how many people have lost their jobs, and how many more are soon to be laid off. Here is a partial list of the companies which have recently announced that they are reducing their work force with more lay offs this year:
Daily Jobs cuts.com tracks the daily job cuts, bankruptcies and closures.
-AMR telegraphed today that over the next year it plans to close or downsize some of its aircraft maintenance facilities. The total comes close to 700 jobs.
-Bank of America is expected to eliminate about 7,500.
-Beaumont Hospitals in suburban Detroit is cutting 353 full-time positions.
-Blockbuster announced in October it will cut a total of 10,000 jobs.
-Boeing’s goal is to cut 2,800 jobs by the end of 2009.
-British Airways to cut 3,000 jobs.
-Chrysler said it was cutting about 5,000 salaried employees and another 1,825 jobs as the result of plant closings.
-Circuit City after filing for bankruptcy will layoff 7,300
-Citigroup is cutting as many as 35,000 jobs.
-Credit Suisse said on Tuesday it said it would cut 500 more jobs.
-Dell which is nearing the end of nearly 9,000 job cuts is offering voluntary severance packages and has instituted a global hiring freeze.
-Fidelity Investments will start laying off about 1 ,288 in 2009, and more in 2010.
-First American the largest U.S. title insurer cut 1,250 jobs.
-Forbes will lay off 50 employees.
-Ford will cut 2,260 jobs in N. America.
-General Motors will cut 1,900 jobs, and reduce employee benefits including 401Ks.
-Goldman Sachs notified roughly 3,200 employees this week that they have been laid off.
-Hewlett-Packard is laying off more than 2,400 employees.
-HSBC said late last month it was cutting 1,100 jobs in its investment banking operation.
-Johnson & Johnson will cut 7,000 to 8,000 jobs by 2010.
-Law Firms laid off 11,931 people in October 2009
-Lloyds Banking Group will cut 5,000 positions by 2010.
-Mattel Inc is cutting 1,000 positions worldwide.
-Merck announced plans on Wednesday to cut 12 percent of its workforce, citing a need to change its business model in order to survive.
-Microsoft Corp said on Wednesday it is cutting a further 800 jobs.
-Motorola soon to cut 3,000 jobs.
-National City Corp said last week it planned to reduce 4,000 jobs.
-Private air service NetJets Inc., unit of Warren Buffett’s Berkshire Hathaway Inc, says it will lay off up to 495 pilots nationwide because of a drop in demand.
-New York Times to cut over 100 jobs.
-Nissan announced layoffs affecting 2,500 salaried jobs overseas.
-Pfizer to cut over 2,000 jobs.
-Popular Inc parent of Banco Popular, is cutting 600 positions and more than a quarter of its branches in the United States.
-Shell cuts jobs, saying 5,000 employees will leave the company by year's end. -Sprint Nextel Corp. is taking actions to eliminate 2,000 to 2,500 jobs.
-Starwood Hotels & Resorts Worldwide said it plans to cut an unspecified number of jobs to offset slowing travel demands.
-Time Warner Inc will use layoffs to reach its cost-cutting goal by cutting 600 jobs. -UBS said at the beginning of October it would cut another 2,000 by 2010
-US Airways is cutting flights at certain locations and suspending certain destinations. In short, the company is slashing about 1,000 jobs across its system during the first half of 2010. The breakdown (about) is 600 airport passenger and ramp service positions, 200 pilots, and 150 flight attendants.
-Xerox announced job cuts of 3,000 positions, due to a "tough business environment."
The Associated Press found that more than two-thirds of 14,506 jobs credited by just one federal office were overstated because they counted pay increases for existing workers as jobs saved.
These are the facts that we know for sure, companies are slowly cutting back to meet their business needs, and the creation of jobs Obama is talking about, must be the 40 Czar jobs in his cabinet.
Check out this list to get a better picture of where your state stands:
Please also read:
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by: CMQJAN Nov. 5, 2009 Until recently AARP was against Obamas revolutionary reform of the Health Plan, but it seems that they have had a change of heart. According to the news wires AARP is to announce... - Soros: Obama's Puppeteer (Part1)
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Get Ready for More Job Cuts in the News
- Announced job cuts in U.S. lowest since December '07The Columbus Dispatch8 hours ago
Employers announced 50,349 planned job cuts in November, the fewest since 44,416 were announced in December 2007, according to Challenger, Gray & Christmas Inc.
- GM Europe boss forecasts fewer job cutsBrisbane Times23 hours ago
The head of GM Europe Nick Reilly said a restructuring plan for car makers Opel and Vauxhall would involve about 8,300 job cuts, slightly fewer than expected.
- GM Europe envisions fewer job cutsThe Age24 hours ago
The head of GM Europe Nick Reilly says a restructuring plan for car makers Opel and Vauxhall would involve about 8,300 job cuts.
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Comments
politics and the promises made. Great research in this hub
Jiberish, this is a very good hub because I don't think most of us realize the magnitude of the job losses to come. The 640,000 was based on data of those who received loans or grants through the American Recovery and Reinvestment Act. Obuma twists the to suit his own agenda. Nothing is being done to help business retain employees.
jib,
I would like the liberals to cite one case specifically where a tax and spend policy has stimulated any economy in the World. I KNOW they can't do it, because IT HAS NEVER HAPPENED!!!!!!!!!!!!!!!!!!!!!!!!
It has been reported, by the White House, that 2/3 of the so-called jobs saved came from raises to already employed people. The truth is that Obama hasd no intention of recovering US economy. it is clear that his intention as a servant of the Islamic states, to whom he bowed, that he wants to further erode America, so it will become a "dhimmi" country like England, etc. and accept servitude at the hands of the sheiks.
GREAT HUB JIB....Certainly well written by a well informed writer!
Jib,
Just goes to show that Government "help" is seldom.
Dear jiberish,
Our government hard at work. The magnitude of these cuts is overwhelming and as far as I can see things will only get worse.
jiberish, thanks for the information. You are so much more informed than William Greider, who wrote the blog on which Ralph linked to. Spend more money, spend more money. It is the debt we have now that is getting us in trouble. More debt will not help. A person cannot over spend in his own finances without going bankrupt, and the same principle applies to the nation. We have to cut the debt! Only idiots will spend more! I am just flabbergasted at the point that people do not get it. I think actually, what they see is "money for me" and do not care at all about the rest of the world. This is selfishness to the max!
Well, I am pissed now, and I will stew over this all day.
Take care and Keep on Hubbing!
Thank you all for stopping in. Due to technical difficulties I was not able to answer to all the comment.
Ralph, that link talks about the national debt, but says nothing about job losses. It's hard to believe that your glasses work, when the fact are in black and white you still want to deny!
POP, this is a short list, the companies that are to lay off in 2010 is even longer. Thank for visiting.
Ralph this is the economy that Obama believes in, it's a game, read it and weep.
Jib, bad news for Americans is
Good News for Obama...The more people become unemployed,
the more they count on Government to take care of them..
What could be better for those Marxist-Islamic traitors who Americans have elected to run this country into the ground!
For a while now, we here in North Dakota have been saying we have been spared from the recession because our economy is relatively strong. Just recently though, a major manuracturing company said they had to close which resulted in hundreds losing their jobs. I don't think any state is safe, no matter how strong their economy.
Oh, Jib. This is so sad. I'm so blessed that my husband has a job. Excellent hub, as usual.
Great, we all need to learn how to go back to sucking our thumbs, and hope that daddy Obama will continue to feed us. Thanks for stopping in.
Cari if you think this list is scary, wait till you see the job losses by state. There are pockets around the country who are still doing fine, guess it depends how friendly you are in this administration.
Habee, you are fortunate that your husband is still employed, just heard to day that JP Morgan will be hiring. Thank you for visiting.
great info, a bit dry for my taste, but hey, you can't argue with facts...unless you're a liberal, Mr. "Somebody" goes to Washington!
Gary I'm sorry I couldn't be more entertaining, maybe you could visit some of my more humorous Hubs. Thank you for visiting.
The only jobs Obama has saved are those that his Marxist policies haven’t effected as of yet. Obama makes Carter look like an economic genius. But the difference between the two is Old Peanuts was just ignorant while Hussein is deliberately applying Saul Alinsky’s policies! In order to create a New World Order the Existing World Order must first be destroyed!
Partisan, soon the only job Obama will save is his and Pelosi's. Read that Anita Dunn is out, oh yeah, I almost forgot, but her husband is now in. Thank you for your comments, always right on.
This morning jobs are in the news. Looks like everyone is looking for those millions that were created.
jib,
I see the sniper is speading his venom on your well researched hub. I'm surprised he didn't refer to Marx on Wikipedia since that's his real World view.
Tom, here is another update. Looks like in Pembroke, Ill. the unemployment rate is 46%. The only major businesses in the town seem to be a couple of gas stations and a snack shop. There was another gas station and convenience store, but owner Isaac Lewis says he closed it down because business was so bad. Thank you for visiting.
Okay ,Tom and jiberish what's your solution?
Payroll tax moritorium. Income tax moritorium. New job tax credits.
If half the dollars wasted on the stimulus had been put into these job creation initiatives unemployment would have subsided by now.
But no these programs could not benefit patronage for Obamala.
Reminder: the Congress, not Obama, has the power to pass tax moratoriums and new job tax credits. We may see them yet if unemployment continues to increase.Those would be okay with me. At least you're not suggesting that now's the time to balance the budget.
Ralph. lol, the budget...lol, that went out the window years ago. But I agree they could implement the fair tax, or flat tax or something. Ralph, I'm glad to see that you at least agree there is a job problem, it's the only thing you have agreed with so far.
Tom, even if they did that, It will take a couple of years to get back on track. This holiday season will give us a better picture of how really bad this economy is. Bloomberg forcast a two year downturn before it gets better.
Threatening the economic drivers of free enterprise with cap and tax legislation, and health care take over is not any way to stimulate job creation. They only stimulate fear in the economic drivers who could creat jobs.
Congress is hugely Democrat, they do Obamala's bidding. These proposals would enjoy bipartisan support particularly among Republicans and Blue Dog Democrats.
My hero for today is Tyson foods and Food Lion stores, theyhave stepped up and donated 33 thousand pounds of free food to be passed out for Thangsgiving. A good tax write off for a good cause.
Another good job creation suggestion is abolition of all corporate income tax since corporations don't pay the tax they pass it on to the consumer until their prices become uncompetitive then they either move off shore or go out of business.
The additional money saved on legal advice and tax accounting fees can be plowed back into capital investment to grow the business and further increase the number of employees needed.
Tom, are you kiding, giving those bad corporations a tax break, the left would be outraged. But how many of us has ever had a job from a poor person?
Large Corps are a little worried about the Pay Czar looking over their shoulder at compensations.
Jib, back in the 1960's one of my best friend's Dad was a local president of his IBEW union at Triangle Conduit and Cable Inc. He always told me when negotiating a new contract he had to be careful not kill the goose that laid the golden eggs.
"Congress is hugely Democrat, they do Obamala's bidding."
You gotta be kidding!
Ralph, a question for you... what would your suggestion be to fix the economy???
jiberish, Obama must have read your Hub. He's convening a meeting to discuss measures to create jobs. As I mentioned above, I wouldn't be opposed to tax incentives for companies who hire additional workers. It appears to me that the original stimulus package may have been too small or too slow kicking in and not well targeted on job creation. If that's true, blame the Congressional meatgrinder, not Obama. A second stimulus program may be needed. Until recovery is in sight the Fed should keep interest rates low.
Ralph, I agree with you on this. Obama will be held blameless till further notice. But I still have a huge issue with the banks tightening up and raising the interest rates on credit cards. In this economy many resort to using their cards as a means of living.
Ralph Deeds says:
"William Greider wiki
http://en.wikipedia.org/wiki/William_Greider"
It's interesting... we've had 2 wars for quite a while now, and all the Progressives/Liberals/Democrats do is whine about the cost. Then Ralph links to an article that touts WWII as a solution for economic malaise.
Nicomp, Ralph is from the old school of thought that used war to stimulate the economy. This was because back then during a war there were thousands of job created to make military equipment, bombs etc. But today, instead of bombing countries into reality, we're playing with little toy guns and putting our troops in harms way.
The only stimulus program that has, will, and ever will work involves cutting taxes and therby stimulating the PRIVATE SECTOR!!!!!!!! Government spending has NEVER WORKED AND NEVER WILL!!!!!!!!!!
Tom, food stamps, unemployment,and a $250 stimulus check from the government is not a job! I agree, no government programs have or will ever work.
Krugman wrote that criticism of Greider 12 years ago under quite different circumstances from today. Krugman is a superb economist and a strong proponent of free trade. Greider is a journalist who writes about economics. I'd like to see what Krugman has to say about the Nation article this week by Greider.
This is so depressing.
Ralph,
I still haven't seen YOU answer jiberish's question. What would YOU suggest to improve the economy? Please don't give a canned link! Try original thought if you're capable!!!!!
I love this hub. But, some comments I disagree with. You have to thank your ex president George Bush. He is the one who created all this mess. The American people allowed that man to stay in office for 2 terms, just to kill our soldiers and make the poor poorer. Some of us aren't as lucky as others. We have to give Obama a chance to get this cleaned up. I believe he will do everything as promised, be patient because everything takes time.
aliyatou, good comment.
Tom, I don't have a good answer. Here's what I said above which you must have skipped over--
"jiberish, Obama must have read your Hub. He's convening a meeting to discuss measures to create jobs. As I mentioned above, I wouldn't be opposed to tax incentives for companies who hire additional workers. It appears to me that the original stimulus package may have been too small or too slow kicking in and not well targeted on job creation. If that's true, blame the Congressional meatgrinder, not Obama. A second stimulus program may be needed. Until recovery is in sight the Fed should keep interest rates low."
Bush hasn't been president for 10 months. he can't be blamed forever.
Congresional meatgrinder may have passed the stimulus bill but it wasn't law until Obamala signed it with much fanfare. Unemployment has risen over 3% since then.
Convening a meeting is a sign of not having a clue.
why don't they just take the rest of the first stimulus (they've only spent 12%) and use it for jobs, instead of parks for dogs, studies for the DNA of polar Bears and such nonsense. I mean what you're saying Ralph, is just throw the stimulus 787 billion out the window. Again, we all know that the porkulus contained about 4000 pork projects. Blame Obama? I sure do. The Executive is where the buck stops. He should've read the bill before signing it. If you just cancel the rest (99%), that's about 600 billion that could be used with some real intelligence in creating jobs.
Haste makes waste. Why was Obama in such a rush to sign such a huge bill? Because his main intention is to ruin the economy and bring America to the feet of his Muslim masters.
Thank you all for your thoughtful comments.
First question is when will it become Obama's mess? Second they are saving the rest of the stimulus money for 2010 election to make sure the Dems stay in power. Obama promised to eliminate pork, but he must have forgotten that.
If Obama was actually the genius everyone made him out to be, he could have turned Bush's bad economy around in a few months, not made it worse. He will continue to blame anything and everything else, but his bad decisions. Ralph if he is the president of all presidents he could as Congress for anything and they would bend over backwards for him. He is a clueless president, and his idea of being a president is being on TV 24/7 stuttering his way thru any important questions and issues.
Vr, I believe he wants to bring this country to it's knees so that everyone will be dependent on the Gov't. During the election I used to say that Obama is our next 9/11, so far I still believe it.
Here is a Nov. 2009 updated list of the bank failures:
The more the American people are dependent on the government - for whatever - the sooner they will have achieved a communist state. This is Obama's ultimate goal and the "change" he promised. Good hub jib.
So well said Madame !
Thank you Madame X and Tony for stopping in. I want to update and include this site which tracks the daily lay offs, bankruptcies, and closures of all US companies.
Regulators shut down two banks in Florida and one in California on Friday, boosting to 123 the number of U.S. bank failures this year as loan defaults rise in the worst financial climate in decades.
Bank of America - They deserve hard times for shadey dealings.
Circuit City - I can see why this has happened with fierce competition from Best Buy.
Dell - Their computers aren't all that great anyway.
Ford - I don't see why this is when they are reporting such great earnings.
GM - They have completely rid themselves of the Saturn brand and cut thousands of jobs.
Mattel - I guess Barbie just can't compete with those slutty Brats.
Microsoft - Too much competition with overpriced Macs.
Pfizer - Wait until we have Obama Care.
What's News, that is funny! Thank you for stopping in!
The stimulus package is only spending $300,000 per job created. I think they ought to just print another trillion and give it to every radical leftist cause they think of, abortion mills, tree huggers, community organizers who game the taxpayer, school propaganda, radical identity politics, workers of the world unite movements, sensitivity camps, internal police forces to monitor conservatives, volunteering featuring indoctrination into right thought, transgender studies, man-boy love retreats, money for artists to create Obama propaganda . . .
Surely these programs will lift the GDP to unprecedented heights.
James, they could give all that, but, oh, wait, they already do. Thank you for your comment and your visit.
Nov 17th Update:
Sony to cut over 10,000 jobs globally.
Sony Ericsson Closing Several Locations - 2,000 - 10,000 Job Cuts Globally
http://www.digtriad.com/news/local/article.aspx?st
Nov 19 Update, Washington times layoff, verge of closing:
The Washington Times, a daily launched in 1982 by Rev. Sun Myung Moon's Unification Church, is set to lay off much of its editorial and production staff tomorrow, according to reputable sources within the paper.
The struggling paper, which reportedly has lost billions of dollars in its 27-year history, may be on the verge of a shutdown within 60 days. The paper may switch to a completely online format, according to insiders.
A WND message left with the newspaper this morning requesting comment was not returned immediately.
That's a shocker. Newspapers are dropping lik flies. I hate to see any of them close, but if one in D.C. has to close I'm glad it's the Washington Times.
Ralph, as long as your liberal New York Times survies, that's all that matters.
It's a bit shortsighted to blame all of this on Obama, who hasn't even been in office for a year yet.
A lot of the blame for this lies with Clinton for signing NAFTA, and with Nixon, for cutting the dollar away from the gold standard in 1971. The WTO is to blame for creating trade policies that discouraged manufacturing in the US and encouraged it in China. China is partially to blame for manipulating the value of their currency (and consequently the value of the dollar - thanks to Nixon's embrace of the floating exchange rates) so they can remain one of the largest exporters in the world.
American businesses are to blame for getting to the point where they required credit to operate their businesses. The bank bailout happened because if the banks had stopped lending money every day to thousands of businesses across the country (which was a very real threat) then those businesses would not have been able to buy products or pay their employees. Millions of Americans would have lost their jobs. And don't forget that the first 900 billion dollars of the bailout came from George Bush.
The blame lies partly on the Republican congressmen who repealed the part of the Glass/Steagal act which kept the banks who hold your money (and which are insured by the FDIC) from investing (with your money) in the stock market and selling insurance on/derived from those investments.
The blame lies with greedy Wall Street executives who created money out of thin air by making up a bunch of complicated bullshit - packaging ARM mortgages and selling the bundles as foolproof investments (all of which happened under G.W.'s watch by the way).
The blame lies partly with the SEC (gutted by Republican congressmen and the Bush Whitehouse) for failing to investigate the flagrant B.S. of the aforementioned Wall Street execs.
The blame lies partly with the companies themselves. Ford and the other American automakers should have woken up 20 years ago and started producing high mileage cars which would last for years, rather than massive gas guzzlers.
Part of the blame lies with the way we do business in this country. Our corporations are so focussed on providing profit for investors that they lay people off every quarter so they can cut that payroll from their expenses and show a profit for the quarter. If you haven't noticed, these companies have been shrinking for 15 years. Obama wasn't even in the Illinois Senate when this started.
And finally, a big part of the blame lies with the American people, who have quietly accepted everything as they were herded along, prodded into taking on more and more debt to finance their lavish lifestyles while their jobs were going overseas.
Economic numbers from the government are junk. They have been junk for my lifetime anyway. Low unemployment, for the past 20 years, has been a mirage - because the high paying manufacturing jobs were leaving the country. Sure, Bobby who now works at Starbucks for 6.50 an hour is employed. Let's just forget the fact that he used to work at the steelmill making 18.00 an hour. He's employed, so unemployment is low.
Take off your partisan blinders Jibe, and everyone else.
I agree with alot of what you said, and I'm not as partisan as you might think. Thank you William for taking the time to stop in and give your thoughts.
Guess who's in trouble now, the post office :
With Losses Mounting, Postal Service Seeks Autonomy, Pushes to Cut Saturday Service; Rep. Danny Davis Calls for a Bailout
The struggling Internet company AOL plans to shed up to 2,500 jobs -- more than a third of its work force. Nov 20th
Nov 28th update: From Aol news
The rapid growth of the FDIC's secret list points to more failures on the horizon. Indeed, more than 1,000 banks could ultimately face seizure by authorities before the financial industry's woes subside, according to research and consulting firm Institutional Risk Analytics, which provides data on lenders to clients ranging from private investors to the Securities and Exchange Commission
shamelabboush says:
4 weeks ago
This is very sad! This was all a political speach from the candidtaes to win the chair, but once they take over presidency, they seem to forget fast!!!