A bad economy is definitely something that the nation is enduring.
Embarrassing? You bet. Sad? Unquestionably.
It seems that every day, individuals are filing for bankruptcy, businesses are downsizing and people are being laid off.
However, out of all of the nation’s industries, no one may be feeling the pain more than the automotive empire. It is a fact that several automotive companies have begun scaling down drastically. The latest car company to slash jobs is Nissan.
Nissan, a Japanese automaker, recently announced 20’000 job cuts. It appears that the problem is industry wide. According to reports on MSNBC.com, it is also the company’s first annual loss in nine years. Maybe America isn’t the only one going through a budget crisis.
It turns out that Nissan isn’t the only Japanese company to slash jobs this year.
Unfortunately, Toyota, Sony, and Toshiba are also in financial ruts.
What is the problem? Will the economy ever go back to normal?
One can only wonder. But one thing is certain – it’ll probably be a lot worse before it gets any better. This is not Nissan’s first time cutting jobs.
According to MSNBC they have eliminated employees on their British work force by 1,200 workers and have gotten rid of nearly 2,000 workers at its plant. It is all an effort to cut costs. Nissan’s directors will also forgo bonus pay and their salaries will be reduced by 10 percent.
Shame. Perhaps the old saying is true – when America sneezes, the world catches a cold.
Jay Christie for the Editorial Board