The Bureau of Labor Statistics reported last Tuesday that employers issued 1,316 "mass layoff actions" (affecting 50 workers or more) in September; more than 122,000 workers were affected overall. USA Today financial reporter Matt Krantz wrote that "(m)uch of the recent layoff activity is connected to what's been the slowest period of earnings growth since the third quarter...
Why are the chief executives of so many big businesses in bed with government? Why have they gone whole hog for all that "green" stuff, most of which is bogus? Unfortunately, much of "big business" is run by politicians - with the same incentives as the politicians in government. Their objectives are not primarily based on productivity. So, yes, they are doing fine.
In June, a diffident and self-deluded President Obama claimed that "the private sector is doing fine." Last week, the private sector responded: Speak for yourself, buster. Who needs an "October Surprise" when the business headlines are broadcasting the imminent layoff bomb in neon lights?
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