There's more bad economic news for Milwaukee and Wisconsin.
MILWAUKEE (AP) -- Johnson Controls says its fiscal third-quarter earnings fell 63 percent, even though the auto parts and building products maker cut costs to control expenses amid weakened economic conditions.
The Milwaukee-based company posted income of $163 million, or 26 cents per share, compared with $439 million, or 73 cents per share, in the same quarter a year ago. Sales fell 29 percent to $7 billion from $9.9 billion.
...Johnson Controls Inc. says sales in its automotive unit fell 38 percent to $3 billion on lower production volumes.
What a difference a year makes!
Obama has succeeded in deepening the recession and spreading the misery around.
On the bright side for Obama, companies in dire straits will be more likely to cut costs by abandoning their current employee health benefits and looking to the government-run option.
Poor economic performance is the sort of crisis that Rahm Emanuel doesn't want to waste.
So far, the Obama administration has had great success in the setting the stage to achieve a culture of dependency.
No comments:
Post a Comment