Thu
Sep 16 2010
08:39 am

Via the NYTimes, FedEx says that their 1st quarter earnings doubled. But, to keep those profits going up, up, up, they will be slashing 1700 jobs.

FedEx says its fiscal first-quarter earnings doubled and the company will cut 1,700 jobs as it consolidates its trucking operations to save money.

Tucked in this, FedEx notes that revenue rose 18%.

Even though revenue increased, and profits doubled (at least in the 1st fiscal quarter) they are going to continue with their plan to add 1700 people to the unemployment rolls. This says a lot to me about how corporate capitalism is destroying our country (and other countries), it is destroying the people that want to work, and are working more for less, which in turn adds to the income inequality gap.

How do we stop this? how do we turn this around so that we start closing the income inequality gap, and put those people that have lost their jobs back to work?

gonzone's picture

idiots

I'm sure those 1700 newly unemployed will rush out and FedEx several packages right away to boost profits even further.

I thought all FedEx people were "contractors" and thus it would be practically impossible for the parent company to "lay them off"?

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