Profits soar amid mass layoffs [View All]

http://www.wsws.org/articles/2011/jul2011/econ-j23.shtml

As dozens of major corporations announced increased second-quarter profits this week, the US working class was hit with a disastrous new round of mass layoffs.

On Monday, book seller Borders announced that it would liquidate all of its stores, laying off 10,700 workers. That same day, Cisco, the telecom equipment maker, said it would cut its workforce by 11,500. Within 24 hours, Lockheed Martin, the aerospace company, announced that it would eliminate 6,500 jobs.

At the same time, Caterpillar, the maker of construction equipment, said its profits were up 44 percent in the second quarter compared to last year. Office equipment maker Xerox saw its profits grow 41 percent in the same time.

General Electric’s profits were up 17 percent, PepsiCo’s were up by 18 percent, and McDonald’s, the fast food company, saw a 19 percent increase, reaching a new record.

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