Jan 12, 2009
Enterprise Rent-A-Car, which once bragged about never laying off a worker, just laid off 1,000 workers.
Not because business was down. Most of its business comes from insurance companies paying for accidents. But in 2007, Enterprise bought the Alamo and National car rental companies – using leveraged debt to buy them.
Today, Enterprise, unable to refinance its debt, took the ax to its workforce.
But this adds to unemployment. How can the unemployed buy goods or services? It’s the worst possible thing for a sick economy!
This is the madness of our day. As each individual company tries to save its profits by laying off workers, the general economy crumbles faster and faster.
Prohibiting layoffs is the first basic step toward steadying the economy.