5 Job-Destroying CEOs Trying to “Fix” the Debt by Slashing Corporate Taxes and Cutting Social Securi

[xchrom]

http://www.alternet.org/economy/five-job-destroying-ceos-trying-fix-debt-slashing-corporate-taxes-and-cutting-social


AT&T CEO Randall Stephenson

***SNIP

1. Randall Stephenson, AT&T

U.S. jobs destroyed since 2007: 54,000

Average effective federal corporate income tax rate, 2009-2011: 6.3%

Randall Stephenson presides over the biggest job destroyer among the Fix the Debt corporate supporters, having eliminated 54,000 jobs since 2007. The company also has one of the largest deficits in its worker pension fund — a gaping hole of $10 billion.

***SNIP

2. Lowell McAdam, Verizon

U.S. jobs destroyed since 2007: 30,000

Average effective federal corporate income tax rate, 2009-2011: -3.3%

Another telecommunications giant, Verizon, is close behind AT&T in the layoff leader race, with 30,000 job cuts since 2007. Like its industry peer AT&T, Verizon also has a big deficit in its pension accounts. It would need to cough up $6 billion to meet its promised pension benefits to employees and another $24 billion to meet promised post-retirement health care benefits.

***SNIP

3. David Cote, Honeywell

U.S. jobs destroyed since 2007: 4,000

Average effective federal corporate income tax rate, 2009-2011: -14.8%

Honeywell has created 10,000 new jobs since 2007 – outside the United States. At home, the firm has eliminated 4,000 jobs. In July, Honeywell announced it was closing a Metropolis, Illinois plant , laying off 230 workers, and selling another Illinois property, Sensata Technologies, to Bain Capital , Mitt Romney’s old private equity firm. Bain, another Fix the Debt supporter, immediately announced it was closing the 175-worker plant and shipping the jobs to China.

[merrily]

1. CEOs don't cut Social Security. Congress and the President do, if we let them.

Seems as though we let them, too.

I don't get to vote on who runs Honeywell and the CEO of Honeywell has a duty to answer to stockholders of Honeywell, not to me.

[chimpymustgo]

2. Wonderful post. We have the means to expose these vultures, and a duty to do so.

[xchrom]

3. ...

[ReRe]

4. Holy Moly, this is the big enchilada!

K&R

Thank you xchrom for sharing this flabbergasting article by Sarah Anderson and Scott Klinger of Alternet.org about these job-destroying CEOs who want to slash corp taxes and cut Social Security. Hells bells, they already don't pay enough effing taxes... Before we know it (if it's not happening already), the USG is going to be paying them returns! I swear, it's like the USA is a big black hole, folding in upon itself.