Mayor Daley: Prepare For Mass Layoffs

[ben_meyers]

Source: CBS 2 Chicago

CEOs Tell Mayor They Plan Huge Layoffs In November, December

Joanie Lum CHICAGO (CBS) ― The warning is out – Mayor Richard M. Daley says a parade of corporate chief executives have told him huge layoffs are planned around the city and will carry into next year.

As CBS 2's Joanie Lum reports, when Daley made the announcement, workers around the city felt a chill, and they are wondering who will be laid off next.

The news is especially alarming because the discussion concerns not just city jobs, but the private sector. Thus, it seems the City That Works is about to become the city that gets laid off.

Mayor Daley says corporate leaders told him huge layoffs will impact the city this month and next, and into the new year. He also says city, county and state governments should be prepared for their revenue to fall dramatically because of the souring economy.



Read more: http://cbs2chicago.com/local/daley.city.layoffs.2.863161.html

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Why don't they raise the taxes on these CEOs and corporations and make them pay their fair share so the government doesn't have to layoff people and cut back services. They all have the big bucks and won't miss it.

It's Chicago for cripes sakes, who is running things there?

[CoffeeCat]

1. Economic tsunami...

The earthquake is still rumbling and the waves are gathering and heading toward
our shores.

It's time to brace, people--because it's going to hit our country extremely hard.

The people who will suffer the most, are those who sit on the beach suspecting
nothing--thinking that the wave will hit someone else, not them.

[demodonkey]

2. A large chunk of cities' costs are to pay health insurance for workers. Single-payer would end that.

30% of every dollar these cities are paying for this health insurance goes to paperwork, and greedy Insurance CEO salaries.

How about cutting waste and greed instead of jobs and services?

Passing HR 676, Single Payer healthcare for all would save our entire nation a lot of money.

[lifesbeautifulmagic]

5. well

"30% of every dollar these cities are paying for this health insurance goes to paperwork, and greedy Insurance CEO salaries"

Just don't call it income redistribution....:sarcasm: :sarcasm: :sarcasm:

[pnwmom]

3. Raising taxes on these corporations will likely lead to more corporate layoffs,

not less. There isn't an easy solution, here, unfortunately.

[brentspeak]

4. So what's the excuse for these layoffs?

Taxes haven't been raised, but they're already planning "huge layoffs".

[AZ Criminal JD]

6. It is called the economy

You should read a newspaper once in awhile.

[brentspeak]

10. What a snide, stupid post

Try reading my post in the context of the post I was responding to.

[maseman]

8. It is a domino effect

People cannot pay mortgages and credit card debt, they default. The banks pick up the loss for mortgages and credit card loans. Those defaults are at record levels so the big banks and financial intuitions start to lose huge amounts of lending ability and in some cases collapse (Lehman Brothers.) When that happens they freeze up lending or lend for extreme interest rates. Less credit = less purchasing power. When both consumers and business have less (or no) purchasing power they cannot spend money. When they do not spend money other companies can't make money. In order to hold profits or reduce losses they make many cuts including job reductions.

[pnwmom]

9. If businesses anticipate major loss of work in the coming months, then they

also will anticipate laying off workers.

We are in a recession already, business is slowing down everywhere, and all the signs are that it will continue for the foreseeable future.

[OhioChick]

7. It's scary wondering what kind of shape

We'll all be in very shortly. Ohio has been at a Depression level for quite some time now.