On Wednesday, Boeing announced it will cut 30% of its management workforce from its defense division seeking to return to 2010 levels. The company is the nation’s 2nd largest defense-supplier. It declined to comment on the actual number of jobs this trim down represents.
But you can bet the number is large.
Boeing claimed the cuts were not due to massive defense cuts looming on the near horizon as part of the “fiscal cliff” scenario.
Defense consultant Loren Thompson pointed out, “But defense provides 40 percent of the company’s revenues and returns, so controlling costs there is crucial to maintaining the company’s overall profitability.”
Boeing executives may not be worried about the ‘fiscal cliff” but there is no question the cuts are due to anticipated weak defense budgets as Obama weakens and cheapens America over the next four years.
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