About 9,500 more Americans will lose their jobs to foreign workers. They weren’t making plastic toys, vacuum cleaners or even automobiles. They were white-collar workers at Citibank, and the financial monstrosity announced today it will be nixing 5 percent of its workforce to boost its stock price. Yes, investors are greedy, boards are sycophants, and executives will do anything necessary to keep their seven-figure jobs.
How can these guys rationalize keeping their multi-million-dollar paychecks if they’ve run the company so poorly that they need to cut 5 percent of their workers? Apparently in today’s analyst-impressing world, telling your home country that you’re sending at least 9,500 jobs overseas is a good thing, probably deserving of a bonus.
It seems as though money is the only American value we really cherish. It gives new meaning to the “green industry.”
Less than a decade ago, politicians and business leaders were still advising the American workforce to retrain themselves in technology and business. Manufacturing was long gone, but intellectual occupations were thought to be secure. Few are talking about it, but that’s rapidly proving to be false. I guess even ideas are cheaper in China.
I’m just thankful the multi-national golf course management companies haven’t figured out a way to outsource agronomy. But I bet they would if they could.
— David Frabotta