Company Trump attacked announces it will lay off workers

Defense and aerospace industry giant Boeing announced Monday that it will be laying off a large portion of its workforce in early 2017.

From the Wall Street Journal:

Boeing Co. said Monday it would launch a voluntary layoff program early next year and may resort to compulsory job cuts to help trim costs at its commercial jetliner arm.

The company expects to have cut employment at the Boeing Commercial Airplanes by 8% this year compared with 2015, but flagged what it termed as “hesitation” in buyers of its big twin-aisle jets.

“While we have made progress in reducing costs and improving affordability, we will need to do more in 2017,” Boeing Vice Chairman Ray Conner and Kevin McAllister, who succeeded him as head of the jetliner business, said in a note to staff.

Boeing had been a target of President-elect Donald Trump, who criticized the Air Force One contract it has with the federal government:

Boeing's stock dipped after the tweet, prompting many to express concerns about government interference in the free market once Trump assumes office. Some are already saying that Boeing is purposely laying off workers so that Trump can be blamed, while others, predictably, are blaming Trump for the layoffs. Conservative talker Rush Limbaugh even opined approvingly that Trump was targeting the company because it had donated to the Clinton Foundation.

The real test will come once Trump assumes office and we see whether he'll continue using the massive power of the federal government to bully private companies.