In the past few weeks alone, Bank of America, Goldman Sachs, Cisco Sys­tems and Bor­ders have all announced mas­sive lay­offs. Bor­ders is closing its retail stores, auc­tioning off its hold­ings and let­ting go 10,000 employees as, due to online com­pe­ti­tion, the com­pany is no longer prof­itable and filed for bank­ruptcy ear­lier this year. In con­trast, Bank of America, Goldman Sachs and Cisco Sys­tems have all posted profits in the last few quar­ters – in some cases, record highs. Alhough according to the latest data, 9.1% of Amer­i­cans are unem­ployed, major US cor­po­ra­tions are slashing jobs not out of neces­sity but out of greed. The revived focus in Wash­ington on cre­ating jobs may be point­less if cor­po­rate America no longer needs workers.

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