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Why would tech layoffs cause a US-wide recession?
by cylinder 7y ago
Why would tech layoffs cause a US-wide recession?
- mikeyouse 7y agoWhy did bad mortgages in Nevada lead to a global financial crisis and the bankrupting of Icelandic banks? Things are pretty interconnected these days.
- FreedomToCreate 7y agoIt wasn't just bad mortgages in Nevada...
- joejerryronnie 7y agoIt was bad mortgages in [lyrics to Johnny Cash’s “I’ve Been Everywhere”]
- cbanek 7y agoWell, tech is really well paid, and tech workers tend to spend a lot of money buying things. Considering consumer spending is almost 70% of US GDP, when people lose jobs (especially good high paying ones), other industries tend to suffer. This can start a downward spiral. https://www.thebalance.com/consumer-spending-trends-and-current-statistics-3305916 https://www.thebalance.com/consumer-spending-trends-and-curr...