Posted on 11/01/2012 8:43:48 AM PDT by GilGil
President Obama's administration has asked Lockheed Martin to delay its announcement of the layoff of 123,000 employees to make the unemployment numbers look much better. Lockheed Martin is one of several defense contractors ready to lay off tens of thousands and hundreds of thousands of people after the election. These numbers may indeed rocket the unemployment figures past 8%.
The layoff notice announcement came by way of Yahoo.com on October 1, 2012 and was quickly buried apparently to fool the voters into believing the economy is much better than represented.
"It's difficult to understate the importance of Lockheed Martin's latest announcement on the race for the White House: the defense contractor said on Monday it will not be issuing employee layoff notices to 123,000 workers on Nov. 2-just four days before the presidential election. Amidst all of the super PACs and campaign ads, the threat of telling a sizable chunk of voters in key areas of the country that they could lose their jobs if the election didn't go Lockheed's way was one of the most potent examples of corporate electioneering. But the layoff threat was largely unreported outside of Beltway trade publications. Here's why today's announcement matters:" More...
Basically the bottom may fall out of the economy after November 6, 2012 with hundreds of thousands to be laid off. This would be devastating. Defense contractors agreed to delay the announcements in a sweetheart deal where the White House will pick up any costs associated with these layoffs.
"Lockheed, one of the biggest employers in the key battleground state of Virginia, previously warned it would have to issue notices to employees, required by law, due to looming defense cuts set to begin to take effect after Jan. 2 because of the failure of the Joint Select Committee on Deficit Reduction - the so-called Super-committee, which was created to find a way to cut $1.5 trillion from the federal deficit over the next decade." More
This move to delay the announcements of these massive layoffs and cover the costs was totally illegal according to Senator Lindsey Graham. And remember, if you watched the third presidential debates President Obama assured the 70 or so million viewers that these cuts in defense "would not happen."
"Sen. Lindsey Graham (R-S.C.) says that he will do anything he can to block the Obama administration from reimbursing defense contractors for severance costs if the firms don't send layoff notices to employees. The Obama administration issued guidance Friday that said defense firms' costs would be covered if they have to layoff workers due to canceled contracts under the across-the-board cuts set to take effect Jan. 2. The layoff notices have become a politically charged issue because they could have come just four days ahead of the election because of a 60-day notice required by federal law for mass layoffs." More...
Article shared using the Free Republish tool on Tea Party Tribune.
Yes. Easily a million.
More likely they’ll back-off their agreement to pay the fines and put them out of business entirely.
The bigger problem here is that Obambi may have ALREADY set up the economy to crash NO MATTER WHO WINS
Stop this BS.
Lockheed only has 123,000 employees!
Spreading stupid stories like this, is irresponsible and reflects poorly on FR.
Strange times!
LM is up 81 centavos to $94.47.
Lots of family have retired from Lockheed, still have a few friends working there.. they are a vastly different company from years ago and have diversified into all types of fields as a result.
Skrew Obama. He couldn’t light a sparkler if ya gave him a blowtorch.. which he probably couldn’t light either.
I can see the unions lining up already if there are layoffs and the WARN act was not adhered to. But no worries, our tax dollars will pay for any lawsuits apparently. Or not.
Lucky for me, LM laid me off over a year ago so I have no fear of getting pink slipped this time. Fortunately for me I was able to take retirement the same day. Combined with SS benefits, our take home is now 80% less. But, surviving anyway. Glad to be out of the corporate BS after so many years and all the diversity BS being shoved down our throats.
Helping keep mankind warm for 65 years.
Good grief, no, there are not going to be 500,000 layoffs in the sector, because that is roughly how many employees there are... There are believed to be 350,000 employees for the major companies in the US employed in defense.
must be the wrong kind of tea ...
Direct Competitor Comparison
LMT BA NOC RTN Industry
Market Cap: 30.38B 53.62B 16.97B 18.91B 640.00M
Employees: 123,000 171,700 72,500 71,000 3.50K
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
The article sources yahoo.com
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.