by Karl Rusnak on July 28, 2011 - 12:12pm
While millions of American workers struggle to find work, American corporations are operating on the opposite end of the spectrum. The fourth quarter of 2010 was the most profitable ever for U.S. owned corporations, and 2011 earnings for companies in the S&P 500-stock index are the highest in four years.
These corporations have achieved their unprecedented profits by getting rid of American jobs, hiring overseas, and squeezing as much productivity as possible out of their remaining workers in the United States. The increased productivity often means one individual taking on tasks that two or more would have been responsible for in the past, necessitating long hours, and loads of additional stress without additional compensation.
It is no wonder corporations can make huge profits under these conditions. With unemployment over 9 percent, those workers who are being asked to take on additional responsibilities have little recourse for fear of being replaced. They also face the all-too-real threat that their company will move their job overseas. According to the U.S. Commerce Department, in the 2000s U.S. multinational corporations cut their workforce in the U.S. by 2.9 million while increasing their overseas workforce by 2.4 million, and there is little reason to believe that trend will reverse anytime soon.
Read more HERE