Tag Archives: unemployment

Business/Economics, Idaho, International, U.S.

Global Economic War, Global Food Crisis, What Economic Recovery? Big Potato producer Simplot to close plants, laying off 800 east Idaho workers (updated with pictures)

In the name of efficiency, and international competition, J.R. Simplot is building a new potato processing plant.  It will use only 250 employees.  The problem is that the new highly efficient Simplot potato factory will replace three existing plants (in Nampa, Caldwell & Aberdeen), resulting in 800 Idahoans losing their jobs.  That’s a net loss of 550 jobs.

East Idaho doesn’t have a big population so the job loses will hit hard: “It’s going to have a negative impact on Nampa and Caldwell and the whole country. We’re encouraged that they will remain in Caldwell, but certainly concerned about the overall impact of job loss.”-Steve Fultz, Caldwell Economic Development Council

J.R. Simplot officials say it’s necessary to build such an efficient factory, because global competition in the food market is getting tougher.  In fact potato prices for this years potato season have fallen to the point that Idaho farmers will be lucky to break even.

At least Simplot employees have been given a decent heads up; it’ll be at least two years before the new super efficient potato processing plant will be completed.

J.R. Simplot has been streamlining operations in Idaho since the 1990s.  Simplot’s corporate headquarters used to be in Chubbuck, Idaho.  But they closed it down and moved to Boise right after I moved to Chubbuck.

Their Chubbuck HQ was replaced with the TJ Maxx/IHOP strip mall.

Former location of J.R. Simplot Corporate HQ, Chubbuck, Idaho

The metal awnings/canopies covering the Simplot HQ entryway can now be seen in front of the Pocatello City Hall.

Ex Simplot Chubbuck HQ canopies adding charecter to the otherwise drab Pocatello City Hall

 

Business/Economics, International

What Economic Recovery? Japanese needing welfare help hits record levels: 2.05 million

The number of people in Japan, who need help with basic needs keeps going up month after month.  The Japanese Welfare Ministry reports that in July welfare recipients hit a record 2.05 million.

A big jump is in ‘working age households’ (people who’re less than 65 years of age).  That category receiving welfare is now four times higher than 10 years ago.

The Welfare Ministry says since 1995 more people are needing welfare help. However, current increases in welfare recipients are due directly to the 2007/08 credit crisis.  Japanese officials say for the past three years welfare rolls have been increasing by an average of 10,000 people per month!

Business/Economics, Idaho, U.S.

What Economic Recovery? Government Incompetence: Confusing & conflicting plans to “save” United States Postal Service, thousands will still lose their jobs

On November 2 the U.S. Senate presented a plan to “save” the USPS.

That plan would pay back U.S.$7 billion of the funds Congress stole, I mean, that Congress forced the USPS to overpay in retirement funds.  However, the $7 billion is to be used to buy out employees (a nice way of laying people off, as many as 100,000 employees will lose their jobs in the buy out).  It would also require a two year study before ending Saturday deliveries. The draconian retirement fund payment schedule would be ended as well (it’s the main reason the USPS is in financial trouble).

Then on November 7, the U.S. Postmaster General announced that he will officially present plans to “save” the USPS on November 21!

His plan will include laying off thousands of workers, closing offices and sorting facilities, and ending Saturday deliveries.  He’ll make his official announcement at the November 21, National Press Club Speakers luncheon in Washington DC.

Local Idaho postal workers told me what ever plan is official announced that it’s basically a sham, what’s going down with the USPS is a “done deal”.

 

 

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho tax revenues for October fall short

The Idaho Division of Financial Management reported that October tax revenues were $1.6 million short of what was needed.

State officials were hoping for $210.6 million.  So far for the fiscal year 2012, overall tax revenues are $10.8 million below what’s hoped for!  Amazingly officials still think they’ll finish the 2012 fiscal year with a surplus!?

The biggest drop was seen in sales tax revenues, to the tune of $4.1 million!  So far Idaho sales tax revenues are short by $14 million!  Sales taxes are a good way to gauge how well your economy is doing, and it doesn’t look too good.

 

 

 

Business/Economics, International, Technology, U.S.

What Economic Recovery? Toyota to cut production by at least 30%, blaming floods

First the March 11 disasters in Japan, now the floods in Thailand.  Toyota says they can’t get enough parts to build their cars.

Toyota and Honda are suffering major parts supply problems (Honda already cut North American production by 50%).

Toyota is cutting back on worldwide production.  November 7, according to NHK, Toyota will be forced to cut production by at least 30%.

Toyota was trying to recover from the March 11 disasters, and had hoped to produce 330,000 vehicles in Indonesia, for the month of November.  Now they are hoping they can produce 230,000.

Blame it on the incompetent ‘just in time’ parts supply policy.

 

 

Business/Economics, International, Technology, U.S.

Occupy the World, Corporate Incompetence: Camera maker Olympus never reported losses, for at least a decade!

November 8, scandal for Japanese owned camera and industrial equipment maker Olympus: They deliberately kept losses off their finance books since the 1990s.

More proof that corporations can’t be trusted. The scandal wasn’t the result of Olympus officials confessing, it was the result of a third party investigation!

The losses come from securities investments.  Company officials tried to cover up the losses by blaming it on consulting fees, and the purchase of three smaller companies.

Olympus stock is now crashing on the Japanese stock market.  Olympus Vice President Hisashi Mori was fired for his involvement in the cover up.

 

Fukushima

Corporate Incompetence: TEPCo retracts Fukushima melt down claim!

On 02 November 2011, Tokyo Electric Power Company said Reactor 2 at Fukushima Daiichi nuclear plant was in melt down, again. Now they changed their mind!

TEPCo now says the level of xenon radiation they detected is too low to be from spontaneous fission.  Can these guys get anything right?

 

Fukushima

Government & Corporate Incompetence: Fukushima Reactor 2 going Critical, TEPCo pouring Boric Acid into reactor!

02 November 2011, Tokyo Electric Power Company announced that melt down has re-started in Fukushima Daiichi Reactor 2.

TEPCo detected radioactive xenon-133 and xenon-135, in the reactor’s containment vessel on 02 November.  They are produced during nuclear fission.  TEPCo poured a boric acid solution into Reactor 2 to suppress the nuclear fission (melt down).

Analysts are speculating that the other reactors at Fukushima Daiichi could also go critical.  Professor Okamoto Koji, of the University of Tokyo Graduate School, says the presence of xenon in the reactors leaves open the possibility that localized and temporary fission could still occur.

TEPCo claims that using the boric acid has cooled down the reactor.

 

 

 

 

Business/Economics, International, U.S.

What Economic Recovery? Honda to slash North American production, Toyota cutting work hours

Honda wants to cut north American production by 50%, and they’re blaming the latest flooding in Thailand.

Output at all six of its factories in the United States and Canada will be cut in half from November 2 through 10.  Also, they will stop all production in North America for one day on November 11.

Toyota announced they will cut overtime hours at all 13 north American factories, again because of a lack of parts caused by flooding in Thailand.

Business/Economics, International, U.S.

Occupy the World: Elites being told to hoard more Money, as Greek government tries to please its citizens after key politician defects and joins the protestors, bailout loans part of plan to take over governments

“This may be the time not to expand production capacity. It might be better to just hoard the cash.”-John Lonski, Moody’s Capital Markets Group

This statement came after the Greek Prime Minister announced that he will let the Greek people decide if their country will accept the latest bailout offer.  It seems likely they will vote against the bailout.

That move came after a member of the ruling party resigned, effectivly joining the protestors.  This leaves the ruling party with a slim two seat majority in parliament.

The Greek Finance Minister also expressed doubts about what is going on: “I can no longer look at polls where the majority is against the agreement, the majority is against the program, but a majority is also in favor of staying in the euro.”-Evangelos Venizelos, Greek Finance Minister

The move to put the Greek bailout to a vote of the Greek people is causing stock markets to crash around the world.  This is proof that the banking/finance industry WANTS to force Greece (and other countries) to take on bigger debt in the name of being ‘bailed out’:  It actually makes governments more beholden to the private sector (Corporate America).

Now Germany and France have called a meeting between EU members and the IMF.  Reports say that what’s being discussed now is a way to kick Greece out of the European Union: “The situation is so tight that basically it would be a vote over their euro membership.”-Alexander Stubb, Minister for European Affairs and Foreign Trade of Finland

The banking/finance industry claims that if the Greek people refuse the latest bailout loan, then Greece will default, starting a domino affect across Europe and North America.  That might be true, but they might also escape the control of Corporate America.