Tuesday, December 14, 2010

Updates from the Economy

In September the National Bureau of Economic Research notified us that the economic recession in the US was over. The actual economy apparently wasn't listening. The unemployment numbers haven't changed. Businesses are still closing, and bankruptcies are still being filed. Cities and states are still making tough choices.

Lake Oswego, OR is pondering tough choices:

The committee recommended closing three of the district's nine elementary schools and moving all sixth graders into the district's two junior high schools. Those would then become middle schools.

In Pennsylvania:

West Pharmaceutical Services Inc. said it will lay off 170 workers and close its plant in Montgomery, Pa., that makes molded plastic components such as stoppers and vials for injectable drugs.

In Wisconsin:

NewPage Corp., the operator of the former Stora Enso North America paper mills in Wisconsin, said Wednesday that it will close its mill in Whiting at the end of February 2011, affecting 360 employees.

In Beltsville, MD:

Baxter International Inc. will close its Beltsville production facility, cutting 106 jobs effective Dec. 15.
The Deerfield, Ill.-based bioscience giant decided in late 2009 to transfer to European facilities the local production of a meningitis vaccine that's sold internationally, said spokeswoman Deborah Spak.

In Ohio:

Worthington Precision Metals, a Mentor manufacturer of parts for hydraulic steeling and other automotive components, has closed its doors.

Representatives from the company on Wednesday directed all questions about the matter to its attorney, Seth Briskin, who confirmed the closure. The company, at 8229 Tyler Blvd., has been around since 1946, according to its website

There's more:

"It's like any lender situation that's happening every day. When your lender forecloses, that's what happens."

Worthington had about 90 jobs. The employees were informed of the news about 2 p.m. Wednesday.
(Dec. 8)

In Florida:

WESTOVER -- A tomato packing business that has long been the center of the village of Westover will close in early February.
About 103 full-time workers at the Custom Pak facility will lose their jobs as part of a company consolidation plan, state officials confirmed Wednesday.

The non-recession is even affecting gun manufacturers. In New Hampshire:

ROCHESTER — Springfield, Mass-based Smith & Wesson Holding Corp is relocating its Thompson/Center Arms operations from Rochester, N.H., to its Springfield, Mass. facility, according to the City biz Real Estate website.
The closure will effect approximately 250 employees, some who may be offered the opportunity to move the company's Springfield operation.

In Maine:

Congresswoman Chellie Pingree's office says a firearm manufacturing company is shutting down its operations in Windham next year.
Bushmaster Firearms International, which employs 73 people, will be closing its doors on March 31. The company is owned by Freedom Group.

I keep hearing we're in an economic recovery, but after reading all these stories, that's hard to believe.

The reason it's hard to believe is because it's not true. Check out the video available through this link from truthout. The video is a short analysis from Richard Wolff, an economics professor, who has a PhD in economics from Yale, as well as degrees from Harvard and Stanford. Dr. Wolff puts the alleged recovery into perspective. There's a long, long road ahead - unless you're a banker or a Wall St exec.

cross-posted at MainSt/workingamerica.org

1 comment:

DissedBelief said...

"Recovery" is a myth along with all the others the magical tooth fairies on "the Hill" create for us lowlife masses. Their lack of creativity runs along the lines of "if you say it, they will believe it, and if you build it up enough, they will come". This was the case with the many wars created over the past 75 years, but now, the Emperor is shown to be naked. I wonder when everyone will really wake up? It won't be with movements such as "nolabels". We have to start yelling at the top of our lungs and stand firm for true change. No more "independent" lines, slogans or wannabees, but standing for true democracy. We don't have it now. The day anyone can file to run for a seat without being a millionaire will be the day of true change.