The recent announcements of mass layoffs by the US Postal Service, Procter & Gamble, and Archer Daniels Midland, together with the bankruptcies of Fuller Brush and American Airlines, have upended claims that the United States is in the midst of an "economic recovery."
In fact, the US economy remains mired in mass unemployment, with falling real wages and growing poverty a fact of life for millions of people. Small and medium businesses, facing immense pressures to cut costs, are collapsing by the tens of thousands.
The worst of the recent job cuts was conducted by the government itself: the US Postal Service announced last week that it would wipe out 35,000 jobs by the end of September, part of a longer-term plan to eliminate 150,000 jobs.
One well-known corporate name after another has joined the procession of bankruptcies and layoffs, eliminating tens of thousands of jobs combined: Sears, Procter & Gamble, American Airlines, Kodak, Fuller Brush Company (which filed bankruptcy last week), Archer Daniels Midland, IBM.
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