Wisconsin: Promised mine "job creator" slashes pay by half, locks out workers

[Scuba]

http://www.bluecheddar.net/?p=17960

The Wisconsin GOP has been hawking a plan for an open pit Penokee Hills mine by holding out the promise of more good jobs at Bucyrus of Milwaukee. Bucyrus International (NYSE: BUCY) manufactures electric rope shovels, blasthole drills and other coal mining gear. Bucyrus has paid its workers well and has avoided two-tier systems that took hold at nearby plants like Harley’s. In 2010 its Milwaukee area workers got on average $30/hour

But now Bucyrus’ new parent company, Caterpillar, has taken a radical anti-worker action, locking out 481 workers at its locomotive plant in London, Ontario on New Year’s Day. They demanded the workers accept half their former pay, going from $32 per hour to $16.50.

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This action might make some sense if Caterpillar were on the brink of ruin. The situation is quite the opposite.

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Caterpillar reported a 36 per cent increase in after-tax profit for both the fourth quarter of 2011 and the full year 2011. Revenues for the year increased four per cent to $2.65 billion. – source

[Citizen Worker]

1. Caterpillar is merely exercising its fiduciary responsibility and increasing share holder value and

the workers who generate the profit through their labor are kicked to the curb. As it has always been and always will be under the current system.

[Initech]

2. Wealth hoarders would be a more accurate title for the job creators.

We're experiencing capitalism gone berserk here.