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I suspect this these mass job layoffs have less to do with the individual corporate balance sheets and more with a coordinated effort by shareholders and execut

I suspect this these mass job layoffs have less to do with the individual corporate balance sheets and more with a coordinated effort by shareholders and executives to align with the Fed's program to cut inflation by jacking up unemployment nationally: https://thehill.com/policy/3658981-why-the-fed-is-pushing-unemployment-higher/ https://thehill.com/policy/3658981-why-the-fed-is-pushing-un... > "Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs." That's what happens when your actual political system is oligarchic rule by a cabal of financial oligarchs, who own the vast majority of the politicians and bureaucrats.

NeverFade 4y ago
The numbers are too small. You're not going to drive unemployment up meaningfully by laying off 10k high-end workers. You do it by raising costs throughout the entire market, so hundreds of thousands of low-end workers are laid off.
- photochemsyn 4y ago
  10k high-end workers at multiple tech firms adds up, getting into the 100K range: > "The move follows recent workforce reductions by other technology companies such as Meta, Twitter, Redfin, Flyhomes, Convoy, Lyft and more as companies look to cut costs amid current economic headwinds." https://www.geekwire.com/2022/layoffs-begin-at-amazon-as-tech-giant-cuts-corporate-and-tech-workers/ https://www.geekwire.com/2022/layoffs-begin-at-amazon-as-tec...
  - NeverFade 4y ago
    There's a handful of big tech companies that are laying off ~10k each, a few more laying off in the low thousands or hundreds. All told, they might hit the 100k range. If you're in tech, you know there's a huge number of unfilled positions, so likely most of these 100k will find a new job, and won't count towards unemployment. Let's be very cautious and estimate 50k of them will remain unemployed; that's still only 10% of the number of jobs the expected recession next year will cost: > Bank of America is projecting that the US economy will lose over 500,000 jobs in 2023. https://www.businessinsider.com/how-many-jobs-lost-next-year-layoffs-recession-outlook-bofa-2022-10 https://www.businessinsider.com/how-many-jobs-lost-next-year...

NeverFade 4y ago

The numbers are too small. You're not going to drive unemployment up meaningfully by laying off 10k high-end workers. You do it by raising costs throughout the entire market, so hundreds of thousands of low-end workers are laid off.

photochemsyn 4y ago
10k high-end workers at multiple tech firms adds up, getting into the 100K range: > "The move follows recent workforce reductions by other technology companies such as Meta, Twitter, Redfin, Flyhomes, Convoy, Lyft and more as companies look to cut costs amid current economic headwinds." https://www.geekwire.com/2022/layoffs-begin-at-amazon-as-tech-giant-cuts-corporate-and-tech-workers/ https://www.geekwire.com/2022/layoffs-begin-at-amazon-as-tec...
- NeverFade 4y ago
  There's a handful of big tech companies that are laying off ~10k each, a few more laying off in the low thousands or hundreds. All told, they might hit the 100k range. If you're in tech, you know there's a huge number of unfilled positions, so likely most of these 100k will find a new job, and won't count towards unemployment. Let's be very cautious and estimate 50k of them will remain unemployed; that's still only 10% of the number of jobs the expected recession next year will cost: > Bank of America is projecting that the US economy will lose over 500,000 jobs in 2023. https://www.businessinsider.com/how-many-jobs-lost-next-year-layoffs-recession-outlook-bofa-2022-10 https://www.businessinsider.com/how-many-jobs-lost-next-year...