Yeah, the economy's great and profits are up - so fuck the worker

CHICAGO (Reuters) - Kraft Foods Inc. (NYSE) on Monday said it would cut up to 8,000 more jobs, or 8 percent of its work force, through 2008 as the food company, hammered by higher commodity costs and sluggish sales volume, looks to save more money.

The announcement came as the maker of Oreo cookies, Jell-O gelatin and a host of other well-known brands, posted a 23 percent increase in net income.

Kraft, like many packaged food companies, has been struggling with a range of commodity cost increases in recent years and is still being pressured by high fuel and packaging costs.

The company posted a profit of $773 million, or 46 cents a share, for the fourth quarter, compared with $628 million, or 37 cents a share, a year earlier.