Posted on 07/27/2010 9:03:56 AM PDT by SeekAndFind
Second-quarter earnings reports are coming in, and they’re making Wall Street smile. Corporate profits are up. And big American companies are sitting on a gigantic pile of money. The 500 largest non-financial firms held almost a trillion dollars in the second quarter, and that money pile is growing larger this quarter. Profits that plummeted in the recession have bounced back. Big businesses have recovered almost 90 percent of what they lost.
So with all this money and profit, they’ll start hiring again, right? Wrong – for three reasons.
First, lots of their profits are coming from their overseas operations. So that’s where they’re investing and expanding production.
GM now sells more cars in China than it does in the US, but makes most of them there. The company now employs 32,000 hourly workers in China. But only 52,000 GM hourly workers remain in the United States – down from 468,000 in 1970.
GM isn’t just hiring low-tech assembly workers in China. Last week the firm broke ground there on a $250 million advanced technology center to develop batteries and other alternative energy sources.
You and I and other American taxpayers still own over 60 percent of GM. We bought GM to save GM jobs, remember?
GM officials say no American taxpayer money is being used to expand in China. But money is fungible. Because of our generosity, GM can now use the dollars it doesn’t have to spend in the United States meeting its American payrolls and repaying its creditors, for new investments in China.
Second, big U.S. businesses are investing their cash in labor-saving technologies. This boosts their productivity, but not their payrolls.
(Excerpt) Read more at businessinsider.com ...
We’re going to have a huge demand for nursing home care, elder care, home services. As Baby Boomers drop out of the work force with age, even if their jobs are not filled, caring for them will create jobs.
“We’re going to have a huge demand for nursing home care, elder care, home services. As Baby Boomers drop out of the work force with age, even if their jobs are not filled, caring for them will create jobs.”
Unless we repeal Obamacare there might be work, but no one will be willing to do it. Just like there will be lots and lots of people who need a doctor but alas, they all quit!
The problem is that the funding for these elder care jobs comes largely from govt which is broke. So you’ll have jobs — but with unpleasant working conditions, gross understaffing, and min wage compensation.
There ought to be a law forcing. themto hire.
Varus, give me back my legions.
Varus, give me back my legions.
RE: I didn’t realize they were ever copled...
Copled ? Does that word even exist ?
Look at the title of this thread again.
:)
If Reich's buddies confiscated it all, it would leave this year's deficit around $500 billion.
This cannot go on, and the rats expect to pay for it with our freedom.
Look at the title of this thread again. :)
There was a movie made a long time ago called Gaslight...
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