The real face of the economic “recovery”: Mass layoffs hit North America, Europe and Japan
Kate Randall ■ A wave of layoff announcements over the past week has exposed the reality of the economic “recovery” touted by the Obama administration and governments worldwide. Deep-going job cuts are hitting the manufacturing, pharmaceutical, technology and retail sectors across North America, Europe and Japan. Despite stagnant revenues, reflecting sluggish economic growth, companies are reporting booming profits. These profit gains are almost entirely due to a relentless assault on jobs, wages and working conditions being carried out by the ruling class. The layoff of tens of thousands of workers comes amid news of unprecedented compensation packages for the heads of major US corporations. It is combined with ruthless austerity measures in the US and across Europe. As the chasm between rich and poor continues to grow, social programs and benefits upon which millions rely are being gutted.