From an AP article by Paul Wiseman in USA Today, 04/05/2011:
"Panicked by the 2008 financial crisis and deepening recession, U.S. employers cut jobs pitilessly. They slashed an average of 780,000 jobs a month in the January-March quarter of 2009.
'My sense is there was much more weeding out of the weakest workers — the ones they didn’t want,' says Harvard economist Kenneth Rogoff.
Yet after shrinking payrolls, many companies found they could produce just as much with fewer workers. And with that higher productivity came higher profits. By the July-September quarter of 2010, U.S. corporate earnings were 12% more than when the recession began."
The complete article can be read here, and it explains why I'm skeptical about huge corporate tax cuts as the stimulant required for job growth.
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