At any rate, here he writes on Sequestration. Should sequestration be capitalized? I think so, given that it is an individual monster, due to appear on or about 2 January, as Writer Carroll points out.
In case you don't think this is real, Bloomberg has this article, "Lockheed’s You-May-Be-Fired Notices Called Scare Tactic".
Companies led by Lockheed Martin Corp. (LMT), the world’s largest defense contractor, say federal and state laws may require them to send out blanket notifications of potential job cuts before the election unless President Barack Obama and Congress act by October to avert automatic defense reductions of $500 billion over a decade that would start on Jan. 2.After this paragraph the article cites an employment-law attorney, Ms Margaret Keane, who says the contracts existing are such that there will not be abrupt mass layoffs and thus this is a cynical political act to pressure Capitol Hill.
The way I see it, the lack of action now could result in very bad decisions come January.
In the meantime, here is what the Bloomberg article says about the laws Lockheed is worried about. Remember, the judge and jury won't forgive Lookheed for having IT'S head in the sand.
The federal WARN Act, which became law in 1988, requires most employers with 100 or more workers to give 60 days’ notice of plant closings or “mass layoffs” -- labor cutbacks affecting 500 or more workers, or at least 33 percent of the workforce for companies with fewer than 500 employees.This is a serious problem. That said, it is an iceberg like situation. Most of it is below the surface, out of sight.
Some employers also must comply with labor contracts that may require more notice, and some states including New York have their own laws requiring 90 days’ notice, said Keane, who is based in San Francisco and has represented companies such as Alcoa Inc. (AA) and Accretive LLC on WARN Act compliance.
If notices are required, they would have to go out days before the election because of the 60-day notice required by federal law and in early October if a company operates in states requiring 90 days’ warning.
Regards — Cliff