With the so-called ‘fiscal cliff’ looming at the end of the year, many companies had warned that if President Obama were re-elected, they would be forced to lay off workers. Company officials listed the skyrocketing price of health insurance and the taxes contained in Obamacare as a primary reason for job cuts.
Some job cuts are also the result of the likelihood that Congress will be increasing taxes thereby raising the cost of doing business. Other staffing cuts are also an attempt to avert the “fiscal cliff” and the economic reality caused by spending cuts and increased taxation in the Obama-favored budgetary tactic known as sequestration.
And three days after the re-election of the President, many big companies have already kept their promise. Among them are:
These are just a few of the big companies affected. Many other smaller companies are also saying they will have to either cut back employee hours or fire some of their employees. Other companies are closing plants in an attempt to save money.
Target has already announced the closing of several locations, including a store in Kissimmee, Florida. Kmart is another company that has announced its intention to close several stores.
These announcements come on the heels of two very grim days for the stock market. On Wednesday, the Dow Jones Industrial average fell 2.4%, which is the fifth worst single day drop in history. The S&P 500 also fell 2.37%. The markets continued to plummet on Wednesday. The Dow fell another 0.94%. And the S&P fell another 1.22%.
Investors cite concerns over Europe’s struggling economy and President Obama’s re-election. It is believed that Obama does not have a serious plan to regrow the economy or control the United State’s burgeoning debt.
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