What infrastructure boom? If there is one, Caterpillar (CAT), whose CEO promised Obama that the stimulus would allow it to keep more employees, isn’t seeing one.
The company just announced another 2,454 layoffs in three states. This is the company’s third round of layoffs in just a few months.
How long can the company keep laying off workers and still remain on Obama’s most-favoured list? How long before they’re vilified for being profit-mongers that don’t care about their workers. Actually, probably a while, since our Transportation Secretary Ray LaHood is from Peoria, IL, the company’s hometown.
Also, we wonder how this affects those CBO projections about how many jobs the stimulus would create (or save!) if enacted. Who knows, maybe without the stimulus they’d have laid off 5,000, and so technically this is a gain of 2,500 jobs.
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