Elections do have consequences. 4 years of wasted government spending on green projects, pork projects, donor payback, and stimulus money for companies too large to fail, along with a TARP program that a current lawsuit calls a ponzi scheme, has destroyed our economy. Obama ignored job and economic growth to push an agenda. Now, that agenda has come back to bite us. What will 4 more years bring?
According to Peter Schiff of Euro Pacific Capital, there will be a dollar and bond crises. Loose monetary policy is dangerous and will lead to a catastrophic correction. “The more you delay, the bigger it will be.” Schiff expects a massive crash over the next year or so as the bond market bubble, coupled with the dollar, collapses under the weight of excessive debt. Schiff, by the way, accurately predicted the housing bubble.
The Congressional Budget Office economic outlook for 2013 predicts economic growth of 1.7% and unemployment at 8% in a best case scenario where lawmakers avert tax increases and cuts to military spending. If they do nothing, the CBO sees contracted economic growth of .5% and unemployment at 9.1%.
Future unemployment numbers are not looking good and not even the government’s fairy tale math can put a positive spin on it!
- Teco coal in Eastern Kentucky – laying off around 90 workers;
- West Ridge Mine in East Carbon County, just laid off 102 workers due to Obama’s War on Coal;
- Momentive Performance Materials, Inc. plans to temporarily layoff 150 workers for a two week period due to the weak economy;
- Wilkes-Barre, Pennsylvania city officials will announce mandatory layoffs due to reduced revenue;
- Business Insider announced that Groupon has been treading water for months and will cut 648 jobs;
- Westinghouse Anniston Weapons Incinerator in Alabama has announced another 50 job cuts – on top of the 100 they cut this year;
- Murray Energy in Wheeling, West Virginia is cutting more than 160 jobs at its three subsidiaries in part due to Obama’s regulations and taxes;
- ULM-based Associated Milk Producers in Minnesota are closing their plant and 130 workers will join the unemployed;
- Stanford brake plant in Lincoln County, Kentucky is laying off 75 employees;
- Turbo Care and Oce North America have announced the loss of 220 jobs;
- Boeing announced that they are cutting 30% of management jobs and closing facilities in California and consolidating businesses. They also plan to cut another 10% of Executive employees by the end of the year;
- Pratt & Whitney Rocketdyne in the San Fernando Valley laid off 100 workers last Wednesday;
- U.S. Cellular is selling some markets, including Chicago, to Sprint and will cut 980 total jobs – 640 just in Chicago;
- Career Education announced plans to close 23 campuses and cut 900 jobs;
- Vesta Wind System is to cut 3,000 jobs and hoping to sell a 10% stake in the company. This is in addition to the 3,700 job cuts announced previously;
- AMD announced plans to slash its workforce by 20 to 30 percent due to the weak economy;
- Caterpillar announced the closing of its plant in Minnesota which will cut 100 jobs as they move the work to Georgia and Wisconsin;
- Exide Technologies is planning to lay off 150;
- TE Connectivity is closing its plant in Guilford and laying off 620 workers;
- Cigna announces plays to lay off 1,300 workers worldwide. They have already cut 1,810 jobs just this year;
- Ameridose laid off 650 workers – 200 of which will be permanent;
- Dow Chemical has announced the elimination of 2,400 jobs and is closing around 20 plants worldwide;
- Colgate Palmolive will be eliminating a total of 5,700 jobs just this year;
- DuPont has announced plans to eliminate 1,500 jobs;
- Hewlett Packard plans on eliminating 27,000 jobs by 2014;
- Sharp has announced plans to eliminate 11,000 jobs and sell off some of its assets – 2,000 jobs may be lost in the U.S.;
- Applied Material is cutting 1,300 jobs;
- Cummins, Inc. will cut between 1,000 and 1,500 jobs by the end of the year due to the weak economy;
- Lattice Semiconductor will cut 109 jobs which is 13% of its workforce;
- Siemens AG plans on cutting around 10,000 jobs worldwide, with 615 at U.S. windmill factories;
- UBS, Switzerland’s largest bank is cutting 10,000 jobs – 2,500 in Switzerland, 4,500 in the UK and 3,000 in the U.S.;
- OshKosh Corp. will cut between 450 and 500 jobs in January due to military cuts; and
- Sony is cutting 100 jobs in California.
This is just the tip of the iceberg. As a result of ObamaCare, Welch Allyn is cutting 275 jobs; Dana Holding is cutting but no figures yet; Styker is closing its New York plant and cutting 96 jobs in December and then slahing 5% (1,170) of its global workforce; Boston Science is cutting 500 jobs in 2012 and another 500 in 2013; Smith ^ Nephew is cutting 770 jobs; Abbott Labs is cutting 700 jobs; Covindien is cutting 595 jobs; Kinetic Concepts is cutting 427 jobs; St. Jude’s Medical is cutting 300 jobs and Hill Rom is cutting 200.
And, just wait until the new EPA regulations are forced upon America!