Job Losses Escalating

More grim news today on job cuts around the country.

American companies announced job cuts totaling 43,000 this morning, as the global downturn slammed the profits of exporters like Caterpillar and a domestic recession hit hard at retailer Home Depot. As companies begin announcing their financial results for the end of 2008, they are also moving fast to cut costs in response to poor results and a diminished outlook for the coming year. The job cuts announced so far today include 20,000 at heavy equipment maker Caterpillar, 8,000 at the Sprint Nextel telecommunications company, 7,000 at Home Depot, and 8,000 anticipated from the pending merger of the Pfizer and Wyeth pharmaceutical companies.

Obama’s economic stimulus bill was presented to Congress today. His administration is pushing to get the bill approved by mid-February, but some Republicans have already expressed opposition.