eBay Lays Off Thousands After Obama Touts Company In State Of The Union Address – Washington Free Beacon
The POLITICO reports that President Obama, during his State of the Union address on Tuesday, gave shout outs to a number of American companies in an effort to highlight the strength of the U.S. economy. Nearly all of those companies, it turns out, are big political spenders and have contributed heavily to Democrats.
One of those companies was eBay, which Obama cited as an example of how “millions of Americans [are working] in jobs that didn’t even exist 10 or 20 years ago.” That now seems like an unfortunate choice, because less than 24 hours after Obama’s speech, eBay announced it was cutting 2,400 jobs, or about 7 percent of its workforce. Investors welcomed the layoffs, and the company’s stock jumped more than 4 percent on the news.
The company has spent millions of dollars lobbying the federal government, and has contributed mostly to Democrats over the years. Its president and CEO, John Donahoe, has donated almost exclusively to Democrats. He gave thousands to Obama’s campaign in 2012, and has contributed more than $90,000 to Democratic candidates and committees since 2006, according to the Center for Responsive Politics.
Here’s a picture of Donahoe leaving the White House after a meeting with President Obama last year to discuss, of all things, unemployment.
Furniture Company Obama Held Up As Example Of Recovering Economy Goes Bust – Weasel Zippers
Everything he touches turns to failure. Note: The owner was invited to sit with Mooch during the 2012 State of the Union address.
Via Miami Herald:
Lincolnton Furniture Company closed abruptly Thursday just one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy.
Furniture-making operations stopped indefinitely and only a few people will remain employed moving forward, company financial officer Ben Causey said.
“I don’t know where it’s going to go exactly; we’re still evaluating our situation,” Causey said. “We just didn’t have any choice at this point.”
The company was not receiving the orders it needed to sustain its operations, Causey said.
“We needed more orders is really what it boiled down to,” he said. “We thought they would materialize.”
Owner Bruce Cochrane, a fifth generation furniture-manufacturer, formed the company in 2011 with a $5 million investment and the hope he could make a profit off people who wanted to buy furniture made in America.
It was a move that caught the attention of North Carolina officials and those in the White House. Last year, Cochrane sat with the first lady during Obama’s 2012 State of the Union Address. He also joined the president and other business leaders in a discussion about how to create more jobs at home.
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