> What're the workers gonna do? Protest? Strike? They're going to work for other firms, who have also simultaneously laid off staff. They will accept lower wag

> What're the workers gonna do? Protest? Strike? They're going to work for other firms, who have also simultaneously laid off staff. They will accept lower wages. Salaries will be permanently anchored lower, improving the cost structure of US software across the industry. It's an effective coordinated move by firms against labor. Interesting side effect here is that in order for staff to avoid a layoff, the benchmark is not whether they produce output in excess of the risk-free return -- it's whether their worth is greater than the long-term benefit of paying each new hire 30% less.