Cessna Announces 700 Workers Cut

(Wichita, Kansas) Aircraft manufacturer Cessna has announced that it is cutting 700 hourly and salaried jobs out of a workforce of 6,000. All the layoffs will occur in Wichita.

According to CEO Scott Donnelly, "While we are seeing solid performance in most of our other businesses, we have not yet seen a discernable improvement in business-jet order activity,” Donnelly said in the statement.

Business jet orders are likely suffering because the fat cat high income earners are expecting a huge Obama tax increase in January, unlike the middle class who will continue to enjoy the Bush tax cuts.

However, Obama's plan backfires with respect to some middle income earners. Sure, they'll enjoy continuation of the Bush tax cuts but a lot of good that will do when they lose their jobs ... 700 in Wichita. Tax cuts and tax increases are largely inconsequential to people with no income.