Black People : Bailed out Corporations,Stocks are up, big bonuses, so Where are the Jobs?

Discussion in 'Black People Open Forum' started by Ankhur, Dec 28, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Many U.S. companies are hiring ... overseas
    One reason why U.S. unemployment remains as high as it is

    By PALLAVI GOGOI

    The Associated Press

    Corporate profits are up. Stock prices are up. So why isn't anyone hiring?

    Actually, many American companies are — just maybe not in your town. They're hiring overseas, where sales are surging and the pipeline of orders is fat.

    More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas. For both companies, sales in international markets are growing at least twice as fast as domestically.


    The trend helps explain why unemployment remains high in the United States, edging up to 9.8 percent last month, even though companies are performing well: All but 4 percent of the top 500 U.S. corporations reported profits this year, and the stock market is close to its highest point since the 2008 financial meltdown.

    But the jobs are going elsewhere. The Economic Policy Institute, a Washington think tank, says American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S. The additional 1.4 million jobs would have lowered the U.S. unemployment rate to 8.9 percent, says Robert Scott, the institute's senior international economist.

    "There's a huge difference between what is good for American companies versus what is good for the American economy," says Scott.


    American jobs have been moving overseas for more than two decades. In recent years, though, those jobs have become more sophisticated — think semiconductors and software, not toys and clothes.

    And now many of the products being made overseas aren't coming back to the United States. Demand has grown dramatically this year in emerging markets like India, China and Brazil.

    Meanwhile, consumer demand in the U.S. has been subdued. Despite a strong holiday shopping season, Americans are still spending 3 percent less than before the recession on essential items like clothing and more than 10 percent less on jewelry, furniture, electronics, and big appliances, according to MasterCard's SpendingPulse.

    "Companies will go where there are fast-growing markets and big profits," says Jeffrey Sachs, globalization expert and economist at Columbia University. "What's changed is that companies today are getting top talent in emerging economies, and the U.S. has to really watch out."

    With the future looking brighter overseas, companies are building there, too. Caterpillar, maker of the signature yellow bulldozers and tractors, has invested in three new plants in China in just the last two months to design and manufacture equipment. The decision is based on demand: Asia-Pacific sales soared 38 percent in the first nine months of the year, compared with 16 percent in the U.S. Caterpillar stock is up 65 percent this year

    www.msnbc.msn.com
     
  2. the_hulk

    the_hulk Member MEMBER

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    Big corps don't care about the little man all they care about is money. They need to change the in God we trust to in money we trust.
     
  3. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    :fyi:...the jobs are in asia
     
  4. Ankhur

    Ankhur Well-Known Member MEMBER

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    Bernanke Warns of Lengthy Unemployment

    Federal Reserve Chair Ben Bernanke is predicting U.S. unemployment will remain high for many years to come. Bernanke made the comment in testimony before the House Budget Committee.

    Ben Bernanke: "Following the loss of about eight-and-three-quarter million jobs from 2008 through 2009, private-sector employment expanded by a little more than one million in 2010. However, this gain was barely sufficient to accommodate the inflow of recent graduates and other new entrants to the labor force, and therefore not enough to significantly erode the wide margin of slack that remains in the labor market. Although the growth rate of economic activity appears likely to pick up this year, the unemployment rate probably will remain elevated for some time."


    http://www.democracynow.org/2011/2/10/headlines#10
     
  5. LadyLC

    LadyLC Well-Known Member MEMBER

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    I keep hearing that a lot of these big companies get tax breaks to hire overseas so until that stops they have no incentive to brings jobs back to the U.S.
     
  6. Ankhur

    Ankhur Well-Known Member MEMBER

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    Some get even more then that, some get White house appointments to send the message about how outsourcing is OK

    Why Did Obama Choose Outsourcing Champion Jeffrey Immelt as Jobs Advisor?

    Tuesday, February 08, 2011

    President Barack Obama’s choice of Jeffrey Immelt, chairman and CEO of General Electric, to chair the newly-created President’s Council on Jobs and Competitiveness has drawn criticism for many reasons.

    GE is a model for what’s wrong with corporate America these days, writes Shahien Nasiripour at The Huffington Post. It’s a company “that’s hoarding cash, sending jobs overseas, relying on taxpayer bailouts and paying less taxes than envisioned.”

    On the issue of shipping jobs overseas, GE’s actions are particularly glaring. The company regularly tops the list of transnational corporations ranked by the size of their foreign asset holdings, as it receives more of its revenues and profits from abroad than from its U.S. operations. Also, the majority of its 304,000 employees are based overseas.

    Between 2005 and 2009, the U.S. employee share of GE’s total workforce dropped from 51% to 44%. In 2009 and 2010, GE shuttered 28 manufacturing plants in the U.S.

    Dave Lindorff at This Can’t Be Happening says GE “is not an American company. It is a foreign company that happens to be headquartered in the U.S.”

    Last year, GE paid taxes at a rate of only 14.3%.


    http://www.allgov.com/ViewNews/Why_...hampion_Jeffrey_Immelt_as_Jobs_Advisor_110208
     
  7. LadyLC

    LadyLC Well-Known Member MEMBER

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    Yes it is very sad. We will never get back on the right track as long as so many jobs are outsourced overseas.
     
  8. Ankhur

    Ankhur Well-Known Member MEMBER

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    According to themajor econmists left and right that is true regading this corporatocracy, but as far as us as Afriican Americans


    With a Trillion dollars, and several African and South American nations willing to do business if we get our act together

    with Black nationalism we dont have to sit and wait
     
  9. jackelton

    jackelton New Member MEMBER

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    Dale Jarrett Racing is traded on the OTCBB (OTCBB) using the symbol DJRT

    Industry: OTCBB OTCBB Specific Industry

    The historical high for DJRT was 0.59 on the 22nd of October 2007. It has been 1235 days since the historical high price.

    The lowest price was 0.02 on the 5th of December 2008. It has been 825 days since that low price.

    The largest volume day was the 4th of September 2007 when 66,690,000 shares were traded. It has been 1283 days since that big volume day.

    The lowest volume day was the 4th of January 2007 when only 0 shares changed hands. That was 1526 days ago.

    DJRT Im keeping an eye on that one
     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

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    Keep your eye on water and purchasing gold

    The white corporate media tell us, that purchasing gold is a conspiracy theory, while the Rockefellors, the Soros and the Roshchilds have been purchasing gold mines, and China
    tells its citizenry to buy it

    But With all due respect, I would not advise posting a stock of something wthout saying what it is

    Right now heroin is on the rise but who wants to deal with the karma involved in that as an African?
     
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