Thread: Big U.S. companies announce massive job cuts

Big U.S. companies announce massive job cuts
January 26, 2009

A slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel, Home Depot and General Motors, announced thousands of job cuts Monday. What's more, a group of business economists predicted many more job losses in the year ahead.

Caterpillar had by far the worst news of the group. The world's largest heavy equipment maker announced Monday it was slashing up to 5,000 jobs on top of several earlier actions. The latest cuts of support and management employees will be made globally by the end of March. An additional 2,500 workers already have accepted buyout offers, and ties have been severed with about 8,000 contract workers worldwide. In addition, about 4,000 full-time factory workers already have been let go.


In all, the job losses equal about 18 percent of the company's work force.

Ailing automaker General Motors Corp. also said it would slash 2,000 jobs at plants in Michigan and Ohio as the recession slams sales of its vehicles.

Sprint Nextel Corp. said it would be eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion. Home Depot said it would reduce about two percent of its associates, or about 7,000 jobs. And Pfizer, fresh from agreeing to buy rival Wyeth for $68 billion, announced cost cuts that will include slashing about 8,000 jobs.

The Year of the Ox, year 4706 in the Chinese lunar calendar, is supposed to represent prosperity through perseverance and hard work. But the hope for a better year in 2009 was being dashed by the job losses and the growing concern that many more would join the ranks of the 2.6 million who became unemployed in 2008.

The latest outlook from forecasters in a survey released Monday by the National Association for Business Economics showed 39 percent predicted job reductions through attrition or “significantâ€

Goody's is closing. I am going to the bank and get some coinage not dollars.

This depression snowball is gaining lots of speed as it tumbles down the mountain. Dominos are falling everywhere, I hope people are paying attention and taking every action they need to protect themselves.

Originally Posted by vmonkey56

Goody's is closing.

Everyday there is news of closings and thousands out of work and no end in sight.

Originally Posted by April

Originally Posted by vmonkey56

Goody's is closing.

Everyday there is news of closings and thousands out of work and no end in sight.

Both Obama and Bill Gates are trying to convince Congress that we need to expand temporary foreign worker programs which have been proven to throw Americans out of the work.

The H-1B temporary worker visa has been hijacked by the Indian government and has already thrown close to a million well payed American technical profressionals out of work.

Please google "H-1B visa" to start understanding the economic devastation caused by H-1Bs and other foreign temporary programs and make some calls to your representatives. We knew years ago that foreign temp workers would kill massive amounts of American jobs.

Originally Posted by millere

Originally Posted by April

Originally Posted by vmonkey56

Goody's is closing.

Everyday there is news of closings and thousands out of work and no end in sight.

Both Obama and Bill Gates are trying to convince Congress that we need to expand temporary foreign worker programs which have been proven to throw Americans out of the work.

The H-1B temporary worker visa has been hijacked by the Indian government and has already thrown close to a million well payed American technical profressionals out of work.

Please google "H-1B visa" to start understanding the economic devastation caused by H-1Bs and other foreign temporary programs and make some calls to your representatives. We knew years ago that foreign temp workers would kill massive amounts of American jobs.

The insanity needs to stop and the focus needs to be on unemployed Americans getting back to work!!!

This so called congress imported another 132,000 foreign labor visas during this time frame and plans to import 3 million within the next 3 years effectively negating any so called stimulus job creation. The 5,000 to 10,000 illegally crossing our border every week will become a torrent overwhelming our vastly under manned and under resourced border patrol when illegal aliens realize they are eligible for free health care, jobs and other benefits arising from this b.s. stimulus. America is screwed...............

The real problem with predators like the ones who run the U S is they believe the common people will never do anything about their predatory behavior. But that's not really true.

Originally Posted by Justthatguy

The real problem with predators like the ones who run the U S is they believe the common people will never do anything about their predatory behavior. But that's not really true.

I agree they are used to walking on us and I agree we are all really fed up, the welfare to the wealthy, as well as, giving available jobs to illegals is the straw that has broken the camels back!