Return of Mass Layoffs a Grim Sign for U.S. Workers

Discussion in 'Economy' started by uscitizen, Jul 22, 2011.

  1. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says)

    Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas.

    Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

    If these trends continue, we may soon be talking about losses in the monthly employment data -- not just disappointing growth, says Howard Davidowitz, CEO of Davidowitz & Associates

    "Everything in business is confidence," Davidowitz says. "You lose confidence and businesses can't deal with that [and] who could have confidence with what's going on in Washington?"

    Davidowitz is bipartisan in his criticism, calling the U.S. political system "dysfunctional and deranged."
    Return of Mass Layoffs a Grim Sign for U.S. Workers | Daily Ticker - Yahoo! Finance

    I know here come the Obama blamers. I however predicted this regardless of which party won in 2008.
     
  2. xsited1
    Offline

    xsited1 Agent P

    Joined:
    Sep 15, 2008
    Messages:
    17,750
    Thanks Received:
    5,299
    Trophy Points:
    198
    Location:
    Little Rock, AR
    Ratings:
    +5,306
    Well, Obama and his cronies have to accept a lot of blame for this. There is just too much uncertainty in Washington right now with the debt talks, Obamacare, etc.
     
  3. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    Uncertanties? Ohh you mean the fear mongering of the right is working?

    Potatoes, potatoes.
     
  4. Sallow
    Offline

    Sallow The Big Bad Wolf. Supporting Member

    Joined:
    Oct 4, 2010
    Messages:
    56,535
    Thanks Received:
    6,132
    Trophy Points:
    1,840
    Location:
    New York City
    Ratings:
    +7,394
    • Thank You! Thank You! x 1
  5. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
  6. xsited1
    Offline

    xsited1 Agent P

    Joined:
    Sep 15, 2008
    Messages:
    17,750
    Thanks Received:
    5,299
    Trophy Points:
    198
    Location:
    Little Rock, AR
    Ratings:
    +5,306
    :lol: In case you haven't noticed, fear mongering is coming from both sides of the aisle, but go ahead and place the blame squarely on the Right if it helps you sleep at night. But back to my point, the Democrats had the power for at least a couple years and they did nothing. Shame on them.
     
    • Thank You! Thank You! x 1
  7. Sallow
    Offline

    Sallow The Big Bad Wolf. Supporting Member

    Joined:
    Oct 4, 2010
    Messages:
    56,535
    Thanks Received:
    6,132
    Trophy Points:
    1,840
    Location:
    New York City
    Ratings:
    +7,394
    Relatively.."lowest paid". I was doing six figures..but I was a techie.

    In the food chain..that's basically a mouse.
     
  8. High_Gravity
    Offline

    High_Gravity Belligerent Drunk Supporting Member

    Joined:
    Nov 19, 2010
    Messages:
    40,159
    Thanks Received:
    6,894
    Trophy Points:
    260
    Location:
    Richmond VA
    Ratings:
    +7,726
    You got laid off Sallow?
     
  9. Sallow
    Offline

    Sallow The Big Bad Wolf. Supporting Member

    Joined:
    Oct 4, 2010
    Messages:
    56,535
    Thanks Received:
    6,132
    Trophy Points:
    1,840
    Location:
    New York City
    Ratings:
    +7,394
    Well..technically..Reduction in Force..

    The speech was:
    "Personally I want to say you did an extraordinary job here. Unfortunately, your job has been eliminated. It was not your job performance. Things are tough industry wide and the company must make changes to reflect the economy."

    :lol:

    Last year I worked on a migration that had me in the office 12-16 hours a day..6 days a week. I got all kinds of praise for it. Then they moved me to second shift. Then they moved me to third shift. Then they bumped a manager down to my level and had me train him. I knew it was over when that happened.
     
    • Thank You! Thank You! x 1
  10. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    Yep and the repubs had total power for what 6 years?

    Be partisan if you want, but I blame both sides, but the hypocirsy of the right is louder than that of the left.
    And I do believe they are intentionally holding back things just to hurt the other side with no regard for what is best for America.
     

Share This Page