Sunday, September 4, 2011

Caesars Entertainment Corp. paid out $7.75 million in bonuses to key executives for their efforts in slicing more than $100 million in company costs. The largest payment was $1 million to Caesars Chairman and Chief Executive Officer Gary Loveman. See the story at http://www.lvrj.com/business/caesars-entertainment-pays-7-75-million-in-executive-bonuses-126410763.html

The $100 million in saving came at a cost of hundreds, if not thousands, of jobs lost and people out of work in the state of Nevada and elsewhere in the corporate giant's multi-state and international empire. Many of the jobs eliminated in Nevada and the United States were farmed out to other countries, including Pakistan, India and China, improving the balance sheet because payroll costs are so much less than in the United States.

The corporation, by hiring Pakistanis, Chinese and Indians, out of the country, do not have to pay for health insurance and other benefits, and only pay what would be considered substandard wages---often far below minimum wage in this country.

So while the Caesar's balance sheet has been improved, America and specifically the skilled people formerly employed in the gaming industry have taken the brunt of the blow. Nevada's highest-in-the-country unemployment rates tell the story.

And who is to say that the personnel involved are up to the standards, both in skills and in other ways, that AMERICANs would be. Many of the jobs farmed out to India and China were positions requiring gaming licenses if held in this country, especially in Nevada and New Jersey. Are these non-AMERICANs being held to the same standards? Nevada and New Jersey GCB, please take notice.

I have a solution, not just for the gaming industry. We should be putting AMERICANS to work, and one way to do that is to make it far less desirable to farm our own people's jobs out to other countries.

How about a state tax in Nevada and New Jersey on any gaming-industry job that gets farmed out to another country, including any position contracted by a gaming corporation? Tax the company an amount equal to the payroll and benefits for the same job if it were done by an AMERICAN, and use that money to benefit the AMERICANs thrown out of work by short-term corporate greed and the need to fund high executive bonuses.

And of course, this does not have to be restricted to the gaming industry. How about doing it for other manufacturing and service jobs, such as in the computer industry, which at one time was the fastest growing industry in this country? No longer: the work is now being done in China and India and Mexico, though the bulk of sales is still in the United States.

It is time for America to begin taking care of its own, and the way to do that is to keep AMERICANs in work, not farm our jobs out to others.]

No comments:

Post a Comment