The Big Corporate Rescue and the America That’s Too Small to Save – Girish Patel doubts his small, 20-year-old shop will survive the pandemic economy. aerospace company TransDigm has sustained eye-popping profits thanks to steep layoffs and raised over a billion with help from the U.S. government.

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The end of this article hits on something very important, corporations aren’t just cutting jobs to prevent taking loses, they are cutting jobs to maintain their earnings rates. Maintaining the target EBITA number is all that matters now for many companies with losses are being passed on to employees in the form of layoffs rather than lower profits.

Smuggling_Bacon

Where are the depression era tactics that are now needed. Where are the job creation efforts? Where are the meaningful protections to those who have lost the most? Senate Democrats have proposed measures to extend and expand the ban on evictions, but none of these proposals approach the wide scope of the New Deal welfare state.

Boringideas

We’re too close to the election for anything to happen legislatively. That would require compromise, after which ads would start running about how so and so collapsed in their values. Unfortunate. Id vote for whoever would give a little and compromise so that fucking anything gets done other that finger pointing

nomber789

It’s even worse. Calling TransDigm an aerospace company is an insult to aerospace companies. They certainly make parts for airlines, but airlines watch the bottom line, and start to squawk when they get overcharged. Where TransDigm really makes their money is buying up small companies that are suppliers to the Defense Department. These suppliers are often the sole source for some innocuous component (lights, circuit cards, bolts, etc). TransDigm will buy up some small mom-and-pop supplier, cut people, then drastically increase their prices. The Defense Department is stuck, because TransDigm is now the only supplier. After years of doing this, they finally got caught and their CEO was dragged before Congress. They ended up giving some money back to the Pentagon, but admitted no wrongdoing. So, yeah. Mr. Patel’s convenience store is shit outta luck. Covid drove away his customers, and the paltry “assistance” from the government isn’t anywhere near enough to make a difference. But TransDigm on the other hand, who makes their money primary by selling to the Defense Department, gets all kinds of government support in the form of tax breaks and bond offerings. You can’t make this stuff up, the only reason they exist is due to government corporate welfare in the form of marked-up costs for aerospace components. And when things get tough, they get all kinds of government assistance, which they’ll likely use to buy up more small aerospace suppliers, and continue their business model of fleecing the taxpayer. Sorry Mr Patel. As George Carlin so eloquently put it: “There’s a club. And you ain’t in it.”

roger_roger_32

As someone who works for a multinational conglomerate, I can confirm, they give zero fucks about their slave wage workers

babymaker666