Comcast fires 500. So much for the 'tax cuts create jobs' trope!!!

[LongTomH]

Arstechnica: Comcast fired 500 despite claiming tax cut would create jobs:

The firings happened around December 15. On December 20, Comcast announced that, because of the pending tax cut and recent repeal of net neutrality rules, it would give "special bonuses" of $1,000 to more than 100,000 employees and invest more than $50 billion in infrastructure over the next five years.

"With these investments, we expect to add thousands of new direct and indirect jobs," Comcast said at the time.

We examined Comcast's investment claims in an article on December 21. As it turns out, Comcast's annual investments already soared during the two-plus years that net neutrality rules were on the books, and the $50 billion amount could be achieved if those investments simply continued increasing by a modest amount.

The 500 fired employees were "managers, supervisors, and direct sales people in Chicago, Florida, and other parts of Comcast's Central region, mostly in the Midwest and Southeastern United States," the Inquirer reported.

Comcast explained the firings to the Inquirer with this statement:

The Central Division is creating a new territory-based sales model that will connect more closely with residential prospects and customers in their communities. By giving highly trained sales professionals direct responsibility for entire neighborhoods, we can provide a better experience for those who are interested in our services, during and after the sale.

AT&T is also laying off thousands.......... expect more!!!!

[dalton99a]

1. Because corporations don't have enough cash and corporate tax rates are too high

[democratisphere]

2. From the Treasury coffers to the wealthiest's pockets.

We've been had. But we already knew that!

[Blue_true]

3. Lower taxes do not cause companies to hire, demand does.

When demand go away, modern American companies run to fire workers, not invest in workers in preparation for better days.

[Ferrets are Cool]

4. And when people have no jobs, there is no demand.

This is what drives me crazy. If Americans had a better living wage, they would spend more and thus business would grow. What is so damned hard for these repugs to get that?

[workinclasszero]

5. Because they want every damn penny in their pockets

The Mercer's, Koch's and Walton's won't be satisfied until America is a third world garbage dump controlled by their personal death squads.

IOW an Ayn Rand paradise. They want it ALL and they will not rest until they get it! The assault on social security and Medicare will begin in ernest this year because of those filthy rich bastards.

[appalachiablue]

8. !

[ProfessorGAC]

6. Worst Contradiction In All This Has Been. . .

. . .the thing in the WH crowing about the Dow, but people saying corporations can't compete because taxes are too high.

Then why has the DOW gone up 46% in 2 years?

I know people will say "bubble" but the SAUS database shows huge increases in per capita productivity, unemployment is low, inflation is low and velocity of money is high. So, the speculative bubble is, i believe, much smaller than people think, as there are concrete variables that support an increased value of equity.

So, if cash flows are up, profits are up, the markets are up 46+% in 24 months, people are working, productivity is high, how were these high taxes negatively affecting anything?

Answer: Obviously they weren't and that whole trope is a lie.

[fescuerescue]

7. The fake story is that they weren't paying those taxes

That they were keeping the money and jobs overseas away from taxing authorities here.

But if that were true, then why does a reduced rate matter?

[ProfessorGAC]

11. Also, True

There's no tax rate lower than zero.

[Yo_Mama_Been_Loggin]

10. The Dow probably isn't the best indicator because it tracks only 30 stocks.

The S&P 500 is more accurate.

That said large companies are not hurting and most don't need a tax break.

[Yo_Mama_Been_Loggin]

9. They'll probably contract those jobs out now

Many of Comcast's positions are such. Less expensive for them in the long run than regular employees.

[Demsrule86]

12. ATT fired a bunch of folks too...on the bright side...my son laid off from GM since February has

received a job offer from the Fort Wayne Indiana plant. They make the Silverado which sells well...he was set to go back to school this January so I don't know what he will do. I don't know how to feel...he has a considerable amount of money saved (lived at home during his first working years) so he can afford school, plus he gets displaced worker money from Ohio...his wife has a decent job for this area...just under $20.00 and hour. But he makes so much money with GM...I think they will ride up there today...only about four hours from where we live in Ohio. Fort Wayne is pretty nice...and I like the downtown area...lots of young folks.

[appalachiablue]

13. Kick. This is good to hear, that it isn't all bad!

[Demsrule86]

14. Nope...if GM is moving people...they don't think a recession is around the corner.