By Tom Quiner
Cisco Systems just slashed 1300 jobs.
In New Jersey, a retailer of discount designer brands called Daffy’s is shutting down, eliminating another 1300 jobs.
The U.S. banking industry said they’ll be laying off another 17,000 jobs this year on top of last year’s 64,000 eliminated jobs.
Morgan Stanley is eliminating a 1000 jobs.
Citigroup is going to cut another 350 jobs on top of the 1200 they already cut earlier this year.
Tech companies have cut 51,000 jobs this year.
Honeywell is laying off 238 workers in their Illinois plant.
Black & Decker hasn’t specified how many jobs they’re cutting, but they say they have to find $100 million in savings somewhere.
Ryder Trucks is eliminating 450 jobs.
PBS Coals is going to layoff 225 workers.
DeVry, Inc. is going to cut 570 jobs.
Mountain State University is going to lay off half of their workforce.
The Obama economy of stagnation is here to stay, in the eyes of these companies.
They know government spending is going to remain high.
They know taxes are going to go up.
They know that as Obamacare kicks in, the cost to employ people is going to rise.
Obama’s promise of hope and change has been re-defined. Today, workers hope they’ll keep their job and have enough change in their pocket to buy a cup of coffee.
Federal Reserve Chairman Ben Bernanke told Congress last week that unemployment will remain near depression-era levels for several more years (perhaps until a Republican is elected president).
He asked Congress to get spending under control.
Let’s hope the president cooperates with Congress to do just that. I’m doubtful, based on Mr. Obama’s recent rhetoric. I’m dubious based on his vacuous campaign rhetoric.
We could give our dismal economy a real shot in the arm with tax simplification and spending restraint. The president appears to oppose both.
If he prevails, watch for more layoffs.