Caterpillar, headquartered in Peoria, Il., announced they plan to close a plant in Pulaski, Va. affecting 240 workers. Cat stock trades around $84 down from a 52 week high of around $100 a share.
Just another sign that Obama's time in office has produced disappointing economic benefits for the working class. However, if you visit Cat's trading site you will note that Cat's directors have benefited quite nicely this year from grants, etc. awarded to their board members and executives.
From not just Cat there are strong signals again that the wealthy are doing quite well while the poor struggle and the middle class economic gains suffer.
Another disappointment was Cat's building an unneeded Visitors Center in Peoria for $41 million down from a promised $53 million Center and then used part of the Center for Cat Headquarter offices. The Visitors Center was built as part of a promise to help the $100 million PRM (new downtown museum) that is struggling in all aspects from lack of funding to attendance to ambiance, especially the exterior structure.
Long term Cat investors still get a decent dividend but analysts predict the economy must show stronger growth than it has under Obama's leadership before Cat again shows the heady growth that once had their stock trading at $117 a share.