75,000 And Counting
It was reported that, on Monday, there were more than 75,000 jobs cut on that day alone. Some of those figures came in like this:
Caterpillar, 20,000 jobs;
Home Depot, 7,000 jobs;
Pfizer, 8,000 jobs now, eventually another 19,000 jobs;
Sprint Nextel, 8,000 jobs (not unexpected since they declared bankruptcy);
Texas Instruments, 3,400 jobs;
General Motors, 2,000 jobs.
And IBM, which is hiding its numbers for some reason, is estimated to have cut at least 40,000 jobs over the last year, although that’s mainly speculation. IBM’s take on it is that, since the Securities and Exchange Commission requires companies to disclose only “material” events, they don’t have to announce anything; whatever that means.
Today’s job losses began with Corning Inc, which laid off 3,500 workers. Baker Hughes, an oil services company, is laying off 1,500 workers. Most of the other job cuts announced are being spread out over time; thank goodness for small miracles.
It was announced today that around $386 billion dollars of the stimulus package was rolled out today, going to the banking industry. I’m thinking there are a lot of other industries that need some help also; I’m sure we’re going to get around to them eventually. But will there be anyone left to save?