CWA: Verizon's Cuts are Bad for Workers, Bad for the Economy

Statement by CWA Communications Director Candice Johnson:

Washington, D.C. -- A recent analysis by Morgan Stanley shows that Verizon’s net income from ongoing operations was $13.9 billion in 2010. That’s up more than 16 percent from 2007.

Then why is this very profitable company demanding cuts in compensation of $20,000 per worker per year? Why is this very profitable company looking for contract changes to enable it to send even more jobs overseas? Verizon now contracts out and offshores about 25,000 jobs. Why doesn’t it want to maintain good jobs in our communities?

Across the country, local, state and national elected officials are joining Verizon picket lines and sending letters of support for the 45,000 workers who are taking a stand against Verizon’s attempt to push them out of the middle class.

Yesterday in Binghampton, N.Y., the mayor and city council members called on Verizon to make sure “everyone has a part of the American Dream.” That means good jobs. Local elected officials know that good jobs mean communities that can thrive.

Verizon’s approach is wrong for workers and wrong for the economy. There will never be an economic recovery if wealthy companies like Verizon can demand huge cuts from workers while sending more jobs overseas and enriching top executives.

Contact: Candice Johnson or Chuck Porcari, CWA Communications, 202-434-1168, cjohnson@cwa-union.org and cporcari@cwa-union.org