Sherman, set the wayback machine for five months ago. President Bush made a visit to the Timken Company in Ohio while stumping for his job growth (that's pronounced "tax cut") package. Not terribly surprising; the CEO of Timken is a big Republican campaign contributor (that's pronounced "pimp"). Appearing at the plant, he said:

One of the problems we face is not enough of our fellow Americans can find work. There's too much economic uncertainty today. And so three months ago, I sent Congress a package that would promote job growth and economic vitality. For the sake of our country, for the sake of the workers of America, Congress needs to pass this jobs growth package soon. (Applause.)

nd that's why I thank you for letting me come and talk to you about some of the problems that we face here in America. I appreciate the Timken family for their leadership, their concern about their fellow associates. They're working hard to make sure the future of this company is bright, and therefore, the future of employment is bright for the families that work here, that work to put food on the table for their children. (emphasis mine)

It's the people's money. (Applause.)

And when you have more of it, it drives up demand for goods and services. And that's important, given the productivity increases of today. You see, there's pressure on employment. The more productive the work force becomes – if productivity arises – rises like it's doing now, it means a worker can produce more. And unless there are folks willing to buy more goods and services, a company is not likely to hire. Productivity increases mean you can get by with less workers. And so the only way to create the conditions necessary for additional job expansion is to increase demand for goods and services. And the best way to create demand for goods and services is to let people have more of their own money. And that's why tax relief is important in the year 2003. (Applause.)

Fast forward five months:

Slowing production by the Big Three U.S. automakers has caught up with The Timken Co.

The company Thursday said it will eliminate 900 jobs worldwide by year-end, revised its earnings estimate downward and announced the head of its automotive division has left.

The bulk of the job cuts -- 700 -- will come from the automotive division, Timken said, and division president Karl Kimmerling has left after a 24-year tenure.

The Canton bearings and steel manufacturer makes parts for numerous vehicles, including the Ford Expedition SUV, the Dodge Ram pickup truck and Mercedes-Benz E-class sedan.

Timken declined to provide specifics on where the job cuts will occur, but said they will be predominantly in the manufacturing sector and be a mix of salaried and blue-collar employees.

Hey, but think of the amount of demand stimulation for the makers of pink slips!