eBay Announces Layoffs After Obama Touts Company in SOTU

Posted: Jan 22, 2015 4:21 PM

“Since 2010, America has put more people back to work than Europe, Japan, and all advanced economies combined,” President Obama said during his State of the Union Address on Tuesday. “Our manufacturers have added almost 800,000 new jobs. Some of our bedrock sectors, like our auto industry, are booming. But there are also millions of Americans who work in jobs that didn’t even exist 10 or 20 years ago — jobs at companies like Google, and eBay, and Tesla.”

While Politico pointed out that most of the companies Obama touted are big, left-leaning D.C. spenders, his choice of mentioning eBay in highlighting the revived U.S. economy is ironic considering that the next day, the company announced it would be laying off thousands of employees.

The Washington Free Beacon has the scoop:

[Touting eBay] now seems like an unfortunate choice, because less than 24 hours after Obama’s speech, eBayannouncedit was cutting 2,400 jobs, or about 7 percent of its workforce. Investors welcomed the layoffs, and the company’s stock jumpedmore than 4 percenton the news.

The company has spent million of dollars lobbying the federal government, and has contributed mostly to Democrats over the years. Its president and CEO, John Donahoe, has donated almost exclusively to Democrats. He gave thousands to Obama’s campaign in 2012, and has contributed more than $90,000 to Democratic candidates and committees since 2006, according to the Center for Responsive Politics.

The Obama effect lives on.