InfoAnda - Feb 23 Highlights Of Low Points In U.S. Economy

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Feb 23 Highlights Of Low Points In U.S. Economy February 23, 2009 7:12 p.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Monday brought more bad economic news with more Americans losing their jobs, including some workers for DeVilbiss Healthcare in Pennsylvania making $10 to $15 an hour who are being laid off so their jobs can be moved to China. Companies don't move jobs to other countries because American workers are not productive. U.S. workers are consistently more productive than workers in any other country on earth. But U.S. workers can't compete with some less developed countries when it comes pay, primarily because of the cost of living. While Americans can't pay their bills if they only earn between $2 an hour or $4,000 per year, or less, workers in some other countries can. Along with higher housing and utility costs, many businesses in the U.S. have to subsidize health insurance policy premiums for American workers. Add to that the cost of the mandatory payroll taxes for Social Security, Medicare, Workers Compensation and Unemployment Compensation that all U.S. employers must pay and those taxes on wages alone, before considering the actual wages, can often add up to more than it costs to hire a worker in China. That means a Chinese worker doesn't have to be as productive as an American worker is for a company to come out ahead on payroll costs by moving jobs overseas. For businesses trying to cut costs, it can make sense, at least in the short-term, and as long as not too many other businesses lay off workers here. But, of course, there is a downside. If that company is depending on Americans to buy the goods or services the company provides, it is in trouble as more Americans become unemployed or underemployed they lack the money to buy anything and often have no health insurance to pay for using products made by companies such as DeVilbiss. That, in turn, causes more businesses to lay off workers, whether they ship the jobs over to China or not. But it does point to a need to level the global playing field so it is more fair to U.S. workers and businesses. Here is a look at some of the most recent job losses. Steel manufacturer U.S. Steel will lay off 590 workers at its Minntac Plant in Mountain Iron, MN. Company officials cite slumping demand and say the layoffs are only temporary and that workers can be recalled if the economy improves. Electronics maker Jabil Circuit Inc. is reportedly closing its Billerica, MA plant and laying off 300 employees there. Municipal government city of New Haven, CT say they plan to cut 241 jobs, of which 161 are currently filled, in an effort to balance the 2009-2010 budget. In addition, the city is asking its 14 unions to make salary and other cuts worth $10 million. Lay off notices will go out on Feb. 27 to city workers. Notices to laid off school district workers go out on April 1 and become effective at the end of the current school term. Window manufacturer Echo Windows LLC is closing its Red Oak, IA manufacturing plant because of the bad economy and laying off 100 employees. It cited a bad economy, decreased demand and an inability to find a buyer or new investors. Retailer Macy's Inc. (NYSE: M) has increased the number of employees it is laying off as it closes its Bellevue, TN store to 95 from 76. Auto parts manufacturer Tenneco (NYSE: TEN) has announced that it has made 82 job cuts permanent at its Hartwell, GA manufacturing plant because of the continued sales slump in the automotive industry. Lake Forest, IL-based Tenneco is one of the world's leading manufacturers of automotive emissions controls and ride-control products and systems. The job cuts are part of a worldwide restructuring effort to slash costs. Trailer manufacturer Wilson Trailer announced it would lay off 80 employees at three of its plants. The fifth generation family business based in Sioux City, IA said the company had tried every strategy it could to avoid layoffs and that the company deeply regretted having to lay off its team members, "good people" it had high regard for. Municipal government the city of North Providence, RI, announced layoffs of 20 employees Sunday night and said that it will lay off 30 firefighters on Monday after a court hearing. The mayor also announced that those moves would not be enough to close the budget gap and that he will cut the school district budget, which retains sole authority to fire teachers. Health-care company and manufacturer of respiratory therapy devices DeVilbiss Healthcare, says it will lay off 46 workers at its Somerset, PA plant and move those jobs to China to save money, it pays U.S. workers $10 to $15 per hour and says it can lower its payroll costs by moving those jobs offshore. Museum Detroit Institute of Arts announced it will lay off 20 percent of its workforce because of a projected $15 million budget shortfall. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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Feb 23 Highlights Of Low Points In U.S. Economy
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