Great Recession 2.0
November 15, 2012
Well, this didn’t take long.
There were those of us who thought the U.S. economy would take off like a rocket, just as soon as the voters expelled Barack Obama from office, and we expected that to happen.
Of course, when you think that way, you also have to be prepared for the economy to do what it logically would do if your expectations were mistaken.
Less than 24 hours after the horrible election results were known, the waves of layoff notices began rolling across the country, suggesting official (lowball) unemployment rates will soon reach double digits. Here are just a few examples:
- Welch Allyn – laying off 10% of its workforce
- Stryker – 1170 layoffs
- Boston Scientific – up to 1400 layoffs
- Medtronic – up to 1500 layoffs
- Smith & Nephew – 770 layoffs
- Abbott Labs – 700 layoffs
- Covidien – 595 layoffs
- Kinetic Concepts – 427 layoffs
- St. Jude Medical – 300 layoffs
- Hill Rom – 200 layoffs
Some of our readers might be too young to pick up the message of the “Mourning in America” headline we used last week, which also appears in the Freedom Works posting linked above.
It’s an ironic reference to Ronald Reagan’s 1984 re-election campaign theme that introduced the most memorable, and truthful, of his TV ads, celebrating our recovery from a deep recession: “Its morning in America. People are making plans again…”
That last line still applies, in a sad sort of way. People most certainly are making plans: The layoff notices that are just beginning are a big part of it. People are trying to plan how they’ll reduce their exposure to the vengeful idiocies now bearing down on anyone who tries to build useful things through private initiative.
They’re trying to plan how they’ll survive the onslaught of a government obsessed with tearing down Reagan’s America, the country that prospered by valuing honest rewards for honest work, the spirit of enterprise, and personal responsibility.
Our response to the coming economic debacle will show once and for all if that’s who we still are.