Obama's layoff bomb
In June, a self-deluded President Obama claimed that “the private sector is doing fine.” Speak for yourself, buster.
The Bureau of Labor Statistics recently reported that employers issued 1,316 “mass layoff actions” (affecting 50 workers or more) in September; more than 122,000 workers were affected overall.
USA Today financial reporter Matt Krantz wrote that “much of the recent layoff activity is connected to what's been the slowest period of earnings growth since the third quarter of 2009.” More and more U.S. businesses are putting the blame — bravely and squarely — right where it belongs: on the obstructionist policies and regulatory schemes of the blame-shifter-in-chief.
Last month, Ohio-based auto parts manufacturer Dana Holding Corp. warned employees of potential layoffs amid “looming concern” about the economy. President and CEO Roger Wood specifically mentioned the walloping burden of “increasing taxes on small businesses” and the need to “offset increased costs that are placed on us through new laws and regulations.”
Case in point: ObamaCare. The mandate will cost Dana Holding Corp., which employs some 24,500 workers, “approximately $24 million over the next six years in additional U.S. health care expenses.”
In addition, Consol Energy issued a federally mandated layoff disclosure announcing its “intent to idle its Miller Creek surface operations near Naugatuck, W.Va.” Despite state approval, cooperation with the U.S. Army Corps of Engineers and myriad other agencies, Obama's EPA dragged its feet on the permit-approval process. The impasse has forced layoffs of 145 Consol Energy employees that will hit at the end of the year.
In August, Robert E. Murray, founder and CEO of Murray Energy Corp. in Ohio, blasted the White House anti-coal agenda for the layoffs and closure of his company's mine.
And ObamaCare's impending 2.3 percent medical device excise tax already has wrought havoc on the industry: Stryker, a maker of artificial hips and knees based in Kalamazoo, Mich., is slashing 5 percent of its global workforce (an estimated 1,000 workers) this coming year to reduce costs related to ObamaCare's taxes and mandates.
The heads of Koch Industries, Westgate Resorts and ASG Software Solutions all have separately informed their employees of prosperity-undermining Obama economic politics. Left-wing groups have lambasted the executives for exercising their political free speech.
But they have remained silent while the White House corruptocrats bribed federal defense contractors into delaying federally mandated layoff disclosures before the election. In a memo now being investigated on Capitol Hill, Obama promised to cover the legal fees of Lockheed Martin and other defense contractors if they ignored legal requirements to inform workers in advance about so-called sequestration cuts to the military's budget scheduled to kick in next year.
The White House also tried to silence insurers who dared to inform their customers about how ObamaCare was driving up premiums.
The administration's bully boys don't have enough whitewash and duct tape to cover up the past, present and future devastation of the president and his economic demolition team.
Michelle Malkin is the author of “Culture of Corruption: Obama and his Team of Tax Cheats, Crooks and Cronies” (Regnery 2009).