Someone suggested yesterday that we need stories, not charts.
Good point; however, stories AND charts are even better.
The next time you are talking to a corporate apologist, ask them to explain this type of behavior.
As Johnson & Johnson (JNJ) CEO William Weldon planned up to 8,100 layoffs at his company (announced today), he was also buying an $8.45 million, palm-fringed waterfront lot in North Palm Beach, Fla., from former General Electric CEO Jack Welch. The sale was noted by the Palm Beach Daily News on Oct. 27.
How many of those laid off workers salaries could have been paid with $8.5 million dollars? At $40,000/yr., 212 could have kept their jobs. Perhaps some, who have lost their homes, can pitch a tent on Weldon's empty lots.
Corporations are sitting on over a trillion dollars of cash-on-hand. Chart #1 below shows this. And how are they spending it instead of hiring?
And the shareholders? In May, 2010
J & J's dividend increase:
J & J last week boosted its dividend payout by 10.2% and the stock currently yields 3.32%.
Well, the above story demonstrates whose hands that cash-on-hand are being enriched.
And what is really blood boiling, is the apparent fact that this cash-on-hand appeared at the same time millions of Americans' jobs were being axed.
So, corporate apologists, meet us on camera 5:
Can you see how at least a little bit of tweeking to this system might make some sense? Are you unconcerned about the job prospects for your children and/or grandchildren today and down the road?
Corporate cash-on-hand has risen to its highest increased levels since 1952, from 2007-Present at the same time long-term employment has done the same and the CURVE IS ALMOST IDENTICAL. Shareholders' dividends/stock values benefit while long-term employment rises.
Is this contributing to long-term unemployment? The charts seem to indicate it does:
The curves in the two charts are practically identical. More cash-on-hand, more long-term unemployment. At what point will these corporations have to hire? And will they hire the people they laid off? And, really, should Congress give them financial incentives to do so?
For a few more stories like the one above, you can visit here:
And this thought had me giggling out loud. Who, in their right mind, would buy shore front property these days anyway? Dah! Of course corporate CEOs are global warming deniers. Or was he just helping Jack unload his property?
So CEO Welch, smart move!
CEO Weldon, really? $8.5 million for beach front? Really? unless......?
This isn't funny.
212 family breadwinners might still be employed if this rich man's dream of shore front property didn't trump their jobs!
Then again, maybe Congress will subsidize Weldon's relocation when his lots become seabed. A concession to get a Clean Energy Bill passed, maybe. Nothing would surprise me anymore.