Saturday, July 17, 2010

Corporations join GOP in sabotaging recovery

I have a new conspiracy theory. I did a longer post at DetNews, but let me just recap briefly for you high denominator readers who don't need detailed explanations.

So "nonfinancial companies are sitting on $1.8 trillion in cash" and the money keeps rolling in. But they're sitting on it. Any capital investments they're making are apparently happening overseas. But this is the key quote:
A survey last month of more than 1,000 chief financial officers by Duke University and CFO magazine showed that nearly 60 percent of those executives don't expect to bring their employment back to pre-recession levels until 2012 or later -- even though they're projecting a 12 percent rise in earnings and a 9 percent boost in capital spending over the next year.
Interesting timing don't you think? Republicans want to keep giving them mega-tax breaks and an economic recovery won't help GOPers at the ballot box. Economy won't recover without job creation. Since they suffer no meaningful penalty for it, seems to me the incentive for sabotaging the recovery is rather clear.

[More posts daily at the Detroit News.]

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Anonymous Ruth said...

The 'separate peace' tactic was used to defeat Carter, too, by encouraging Iran to keep the hostages until Reagan came in and gave them a better deal. Dirty politics can cross over into treason when the wingnuts think that enlightenment is bad for their country,

7:14:00 AM  
Blogger Libby Spencer said...

Good point Ruth. It's good to remember that dirty tricks have been around forever and we've survived before. Helps alleviate the despair.

8:22:00 AM  

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