Gulfstream To Lay Off 1200 Workers
The parent company of Gulfsteam jets, General Dynamics announced this week that it would be laying off 1,200 workers nationwide. The workers will be a mix of full-time employees and contractors. More workers will also be put on an unpaid leave for at least a month this summer as Gulfstream cuts plane production. With corporations selling their private jets (Starbucks just put another plane on the market this week) and canceling orders for future planes, the industry has hit hard times. The world's wealthiest people have seen their fortunes dramatically reduced within the past year and are feeling especially frugal. The private plane has rapidly become a symbol of greed and extravagance but the lavish spending habits of a few individuals have fueled entire industries which are now hurting.