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NEW AFL-CIO WEBSITE | EXECUTIVE PAYWATCH:
 Corporate Cash Hoarding Holds Back Job Creation – Since the Wall Street financial crisis, the largest U.S. non-financial corporations have amassed record levels of cash. But rather than investing these cash hoards to expand their operations and create jobs, many companies have shed workers in the United States. At the end of 2011, the largest non-financial companies in the S&P 500 Index had accumulated more than $1 trillion in cash, a historic high. Corporate cash was up 66 percent from the end of 2007, before the Wall Street financial crisis.[1] This comes at a time when the U.S. unemployment rate has exceeded 8 percent and more than 12 million Americans are looking for jobs. While overall employment at S&P 500 Index companies has grown since 2007, cash stockpiles have grown even faster. Most of this job creation has been overseas. According to the Bureau of Economic Analysis, the U.S. parents of multinational companies cut a total of 864,000 jobs between 1999 and 2009, while their foreign affiliates added 2.9 million jobs.[2] Public companies are not required to disclose the percentage of their global workforce that is based in the United States. However, they must disclose the total number of employees, and a number of large companies have been cutting jobs while stockpiling cash.

    NEW AFL-CIO WEBSITE | EXECUTIVE PAYWATCH:

     Corporate Cash Hoarding Holds Back Job Creation – Since the Wall Street financial crisis, the largest U.S. non-financial corporations have amassed record levels of cash. But rather than investing these cash hoards to expand their operations and create jobs, many companies have shed workers in the United States. At the end of 2011, the largest non-financial companies in the S&P 500 Index had accumulated more than $1 trillion in cash, a historic high. Corporate cash was up 66 percent from the end of 2007, before the Wall Street financial crisis.[1] This comes at a time when the U.S. unemployment rate has exceeded 8 percent and more than 12 million Americans are looking for jobs. While overall employment at S&P 500 Index companies has grown since 2007, cash stockpiles have grown even faster. Most of this job creation has been overseas. According to the Bureau of Economic Analysis, the U.S. parents of multinational companies cut a total of 864,000 jobs between 1999 and 2009, while their foreign affiliates added 2.9 million jobs.[2] Public companies are not required to disclose the percentage of their global workforce that is based in the United States. However, they must disclose the total number of employees, and a number of large companies have been cutting jobs while stockpiling cash.

    — 1 year ago with 23 notes
    #news  #politics  #99%  #one percent  #executive paywatch  #afl-cio  #unions  #labor unions  #organized labor  #middle class  #class war  #war on the middle class  #ceo pay  #corporations hoarding money  #no job creations  #job creators! 
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