The number layoffs due to transfers of jobs overseas versus the percentage of those layoffs in the US Work Force. Numbers are not complete due to some companies not reporting. 2008 Data only represents the first and second quarter.
Auto Makers Look for Aid Too
Published Tuesday, November 11th, 2008
As reported, with the Federal Bailout of Wall St. came a the passage of the Troubled Assets Relief Program, a program headed by the Department of the Treasury, through the new Office of Financial Stability. There is precedent in calling for these types of bailouts: in 1930’s, the Reconstruction Finance Cooperation bought $1.3 Billion ($200 Billion in current dollars) in the stock of 6,000 banks, recouping only the same as was invested. In 1984, the government bought 80% of Continental Illinois Bank and Trust, now Bank of America; in the end, the government lost $1 Billion.
Now that the banks have their bailout, other industries teetering on collapse are calling for assistance. The Detroit 3, for instance, are nearing critical velocity as their stock plummets from GM’s $80 in 2000 to near $3 presently. Democrats are pushing for an additional bailout for the big 3, but not without strong conditions such as building more efficient cars and equity stakes to recoup the investment. By changing the mandate of Detroit — to more efficient cars such as those of Nissan, Toyota, and Honda who are all faring the economic climate well — they hope to revitalize the industry and keep jobs here in the US. With the industry already losing money, marketshare, and jobs, GM’s next step will take out 30% or 1,900 of the company’s saleried North American workforce. In total, the motor vehicle manufacturing sector has lost nearly 131,500 jobs from October 2007 to present.
Transfers of Jobs Overseas
Published Monday, October 27th, 2008
As both Presidential candidates enter the final stretch, the subject of choice is the economy, jobs and taxes all of which are related. But for many Americans it comes down to the real concern whether their jobs will still be here come next year or even next quarter. John McCain wants to reduce taxes from 35% to 25% for corporations to lure them into coming back to or staying in the US. Barak Obama believes that companies should not get billions of dollars in tax deductions for moving their operations overseas, thus ending the incentive to move.
Data regarding overseas transfers, as reported by the Bureau of Labor Statistics (BLS), is not complete due to the non-participating companies whose data is not recorded. However, of the data that is compiled from particpating companies a steady trend of 0.010% per year since 2004 (as far back as BLS goes), that is about 13363 jobs a year out of a average 134,711,750 non-farm employees total. A look at the shift in jobs shows that more than half of them involve movement of work to a different location of that company outside of the United States.
U.S. Department of Labor: Unemployed - http://www.dol.gov/dol/audience/aud-unemployed.htm
The Department of Labor fosters and promotes the welfare of the job seekers, wage earners, and retirees of the United States by improving their working conditions, advancing their opportunities for profitable employment, protecting their retirement and health care benefits, helping employers find workers, strengthening free collective bargaining, and tracking changes in employment, prices, and other national economic measurements.
U.S. Job Corps - http://jobcorps.dol.gov/about.htm
Job Corps is a no-cost education and vocational training program administered by the U.S. Department of Labor that helps young people ages 16 through 24 get a better job, make more money, and take control of their lives.