According to an article in the Star-Telegram, Texas Instruments announced 3,400 job losses as the economy continues to contract with job losses, bankruptcy and foreclosures. Texas Instruments' job losses will eliminate 12 percent of its work force in hopes that it can save $700 million in expenses and stop the financial blood letting it has experienced in 2008 and in the first few weeks of 2009.
The article said:
"We are realigning our expenses with a global economy that continues to weaken," said Rich Templeton, chief executive of TI, based in Dallas.
As consumers earn less and/or experience more job losses many non-essential items are being cut from their budgets, especially technology. Texas Instruments is just one of many who are taking action to cut their losses and shed jobs.
Although President Obama has used Texas Instruments' job loss announcement to convince Congress that the $825 billion economic stimulus package is necessary and should be passed without delay, I'm not sure how it will save American jobs.
As we have seen with the previous bail out, job losses increased because bail out money was used to shore up the bottom lines of corporations not secure the jobs of Americans. Let's just hope that this time there is some accountability for taxpayer money received by corporations.