Governor Scott Walker recently gave tax breaks for Wisconsin Corps, triggering the State of Wisconsin to have a Deficit. And he wants these tax breaks funded by State employees, including State educators, nurses, firefighters, policeman, and many other valuable workers.
And as part of this budget balancing scheme, he also wants to kill the bargaining rights of State employees, to boot.
Well, I think it would be wise to see just how Wisconsin Big Corps’ earnings came out in 2010.
Let me show you below just how Wisconsin's 13 largest Corps did as disclosed in their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases:
Wisconsin Big Corps Most Recent Annual Pretax Earnings (PTI)
...................................FYE......PTI........PTI.....Increase(Decrease)
Wisconsin Big Corp.....2010...2010.....2009.......Amount.....%.....
................................................(millions of dollars).....
Johnson Controls........Sep.....1,763.....(318).......2,081........654%
Kohl's..........................Jan.....1,588....1,425...........163...........11%
Oshkosh*.....................Sep.....1,212.........12.......1,200...10,000%
Fiserv..........................Dec.......793.......734............59.............8%
Wisconsin Energy........Dec.......704.......591...........113...........19%
Joy Global...................Oct........679.......683............(4)..........(1)%
Rockwell Automation..Sep........544.......274..........270..........99%
Alliant Energy.............Dec........453.......120..........333.........278%
Harley-Davidson.........Dec........390.......179..........211..........118%
Manpower*.................Dec........264.........38..........226..........595%
Associated Banc..........Dec........(41).....(285).........244............86%
MGIC Investment........Dec......(359)..(1,765)......1,406...........80%
Marshall & Ilsley.........Dec......(901)...(1,396).........495...........35%
Total of 13.............................7,089........292......6,797.....2,328%
* Excludes Intangible Asset Impairment Charges. If these charges were included, the above increase in Total Pretax Income for 2010 of $6,797 mil would be a much higher $7,619 mil.
Yeah, that's correct....these 13 Largest Wisconsin HQed Corps had their Total Pretax Earnings for their most recent fiscal year 2010 increase by a staggering 2,328% over 2009, going from $292 million in 2009 to $7,089 million in 2010. And about half of the country still thinks that the Obama Administration is not helping the US economy. Go figure! I think it's high time for Big Corps to start giving back to the country and hiring employees, like Wisconsin-based Kohl's has taken the lead on.
Are Governor Walker's actions fair to all Wisconsin residents? I think his actions here have to go down in US State history as one of the biggest attempted snow jobs of State Citizens by a sitting State Governor and his Controlled State Legislature. I don't think this is what Wisconsin citizens were voting for in November.
Before, there were only two recent things that really upset me about Wisconsin:
(1)How bad the Badgers football team kept pouring it on against the clearly out-manned Indiana Hoosiers, and
(2)How Wisconsin voters did not reelect probably the fourth smartest person in the US government....Russ Feingold....just behind Steven Chu, Barack Obama, and Hillary Clinton.
But this attempted snow job of Wisconsin's State citizens clearly trumps the other two.
The above research, where I found 13 Wisconsin Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 6 additional Wisconsin Big Corps, which are shown here below.
..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions
Wisconsin (6)
Northwestern Life Insur(1)..720...........517...........203.....39%
American Family Insur(2)...661............291...........370....127%
Bucyrus Intl........................461............447.............14.......3%
Bemis..................................327............240............87.....36%
Snap-On..............................277............205............72.....35%
Regal Beloit.........................221.............138............83.....60%
(1) Northwestern Life Insurance is a Mutual Company. The earnings numbers here are PTI before net realized capital losses.
(2) American Family Insurance is a Mutual Company.
