Two retailers announce job cuts
Published: January 28, 2009
Updated: January 28, 2009
Two major retailers have announced that they are making cuts.
Blaming slow sales Target laid off 600 employees Tuesday and eliminated another 400 positions.
Best Buy is also cutting jobs but declined to release the exact number.
Reader Reactions
@dswhite. I don’t know what world you are living in. Maybe you are too young and don’t remember the Reagan years. When Reagan took office, Jimmy Carter had driven our economy into the ground.
See the facts below:
Prime Rate
1981: 20.5% (Carter)
1988: 10.0% (Reagan)
2009: 3.25% (Current)
Inflation
1980: 14.8%(Carter)
1988: 4.2% (Reagan)
2008: 0% (December)
Unemployment Rate
1982: 10.8% (Carter)
1988: 5.4% (Reagan)
2008: 7.2% (December)
30-Year Mortgage Rate
1981: 18.5%
2009: 4.96% (Current)
Real Gas Price (2008 dollars)
1981: $3.45 per gallon
2009: $1.82 (Current)
It was Carter and Clinton (not Reagan and Clinton) that created and then doubled down on the Community Reinvestment Act that caused the financial crisis were are now in.
Reagan cut Spending AND Taxes. The country prospered. The 80’s under Reagan were the most prosperous times in the last 50 years.
It was not deregulation that caused the crisis we are in now - Regulation is the cause. Banks were forced to loan money to people who were not eligible through government regulation (Community Reinvestment Act and Redlining)
Big business can be trusted a lot more than government. Business can be held accountable by customers, stock holders and government. The government is held accountable by no one.
The 9 scariest words in the English language are “Hi, I’m from the Government, I’m here to help.“
The so called boom years of Reagan were not all that great. Both interest rates and unemployment were high. Both Reagan and Clinton brought about deregulation which is one of the major reasons for our current ecomomy. As much as I don’t always trust government I trust big business even less.
@duke02889 Please do a little research before posting. Reagan lead us out of the Carter recession and we had 25 years of growth. When Clinton left office the country was in a recession. Please get your facts correct. I am not a Republican and I highly doubt you are either. Facts are facts and they don’t have a party distinction.
Thermo, Im a Republican and even I have to say that you are way off base on this one. Obama has not been President two weeks yet, give him a chance. Also, you need to check your history. As much as I hate to admit it, the longest peace time growth was under Clinton and we were not in recession when Bush was elected. Dude, you have me defending Democrats!! The end of the world is near!
It has everything to do with Obama. First, Obama said he could turn the economy around during his campaign. If people had faith in the Obama plan, they would be spending money and boosting the economy. If companies had faith in Obama’s plan, they would not be laying people off - they would be hiring in expectation of growth. Reagan inherited the worst economy since 1929 from Carter. He lowered taxes and the country had the longest peace-time growth in our history. Bush inherited a recession from Clinton plus a terrorist attack where everyone thought the economy would go into a depression. He lowered taxes lowered taxes and the country grew. Obama is inheriting a recession and he is not lowering taxes. He wants to increase taxes and spend trillions. This is why te the country is going to go into an Obama recession and people and companies are preparing for it.
This has nothing to do with Barack Obama and any republican trying to say different is in serious denial and should get a severe reality check into how to real world works. A smear campaign on turnto10.com isn’t going to make your ‘Maverick’ come back and take the White house. You lost. Obama won. Get over it so we can all try and make the best of this country.
I hope all of these people voted for Obama because he is fulfilling 2 of his campaign promises for them. He is giving them Change (unemployment is a change for them) and because they won’t be making as much money this year, he is lowering their taxes.
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