Posted by Tina
Bad news just keeps rollling in.
This Obama recovery business is damned hard to endure! Looking at job, regulation, banking, and energy spheres, it’s become painfully clear that administration efforts and policies to boost the economy and create jobs over the past three years have failed miserably. Targeted infusions of cash temporarily saved a few union and teacher jobs and propped up banks and lending institutions but did nothing for the overall economy. Regulation, and threats of more regulation to come, continue to create uncertainty for the business sector. The President has now proposed more of the same. It didn’t have to happen this way but sadly it has and businesses are still closing their doors and people are still losing their jobs:
Texas energy company Luminant announced on Monday new burdensome Environmental Protection Agency regulations are forcing it to close several facilities, which will result in about 500 job losses. The company will be idling — stopping the usage of — two energy generating units. It will also cease extracting lignite from three different Texas mines.
NEW YORK–Bank of America Corp. will cut $5 billion in annual costs by the end of 2013 and slash 30,000 jobs out of its consumer-oriented businesses, part of an important trimming program at the bank.
Georgia-Pacific has announced it plans to shut down its Hawthorne plywood mill in November, a decision that will eliminate about 400 jobs.
SAN JOSE, Calif. (AP) — The maker of Invisalign clear braces for teeth will close its New Jersey facility next year, eliminating 119 jobs, and move operations overseas to cut costs. Align Technology Inc. expects to save about $4 million per year because of the moves, the company said Wednesday. The staffing cuts will trim Align’s global workforce of 2,400 by 5 percent.
The 476 employees of Omtron USA’s chicken-processing plant in Mocksville were bracing for bad news when they went to work Friday. Word had gotten out that Omtron was planning the second restructuring of its North Carolina operations since buying them from a bankrupt Townsends Inc. in February. Employees knew the surging cost of corn was slamming poultry operators small and large. What employees were handed was a sheet of paper representing the worst-case scenario: The plant at 251 Eaton Road — part of Townsends’ Crestwood Farms division — is closing and all jobs are being eliminated by Oct. 4. In the notification, David Purtle, the chief executive of Omtron, said the plant was closing because “revenues have not kept pace with costs.” Just like that, a plant that appeared to have been given new life — with 200 employees added in the last three months — became destined for shutdown after all. Omtron also said it was closing its poultry operations in Siler City, cutting 680 jobs in the same time frame.
MORRISTOWN, Tenn. — Furniture maker Berkline is closing its Morristown, Tenn. manufacturing operation, eliminating 550 jobs.
Musician’s Friend Inc., an online instrument retailer, alerted state employment officials Thursday that it is closing its Medford, headquarters and cut 160 jobs.
HONOLULU — Hawaiian Telcom plans to close its five retail stores statewide and has notified 103 employees that their positions will be eliminated as part of what the company calls a “re-alignment.”
These examples reflect bad news in all typess of work from musical instrument retailing to furniture making to banking and chicken processing, and from brace manufacturing to a plywood mill. There were many more examples…but I can only take so much bad news in one day.
Sadly, some folks are still incredibly inconsistent in their assessment of…well, just about everything!
Reagan could, Bush could…Obama…NOPE…he has had absolutely nothing to do with it.
Please!
Speaking of jobs, I read this the other day about Obama’s job’s bill.
Valerie Jarrett, White House senior adviser, told interviewer Rachel Maddow, “Congress should pass this bill right now.”
She then went on to say that White House is still writing the bill and it will be submitted to Congress next week.
This has two WOW factors.
1) Barak Obama is going to draft his first legislation ever! (Well, at least someone over at the White House is.)
2) Congress should pass this bill right now even though no one knows what is in it.
I guess the White House was unable to recruit Nancy “We have to pass the bill so you can find out what is in it” Pelosi on this one.