From USA TODAY:
Anyone wondering where all the economy’s jobs are might want to look into piggy banks of the world’s biggest companies.
Cash is gushing into companies’ coffers as they report what’s shaping up to be the third-consecutive quarter of sharp earnings increases. But instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses.
Non-financial companies in the Standard & Poor’s 500 have a record $837 billion in cash, S&P says. That’s enough to pay 2.4 million people $70,000-a-year salaries for five years. For context, 2.2 million to 2.8 million jobs were saved or created by the $862 billion stimulus that President Obama signed into law in February 2009, according to a report released in April from the Council of Economic Advisers…
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