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I too would prefer being wrong, and I have a hard time reconciling the common position during the mass layoffs that they were aware of what's coming, yet simult

by gochi 3y ago

I too would prefer being wrong, and I have a hard time reconciling the common position during the mass layoffs that they were aware of what's coming, yet simultaneously everything is perfectly fine. If companies were wrong, shouldn't that be a gigantic concern they got away with laying off hundreds of thousands for no reason? If they're right, then articles trying to convince us everything is fine is surely alarming!

GoodJokes 3y ago
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0xDEF 3y ago
American Big Tech companies laying off highly paid specialized tech workers doesn't say much about the rest of the economy. We already knew that most of the Big Tech companies are houses of cards built around one core profitable business like Google's Ad business. The rest of society has no problem finding jobs. The problem is that almost no jobs pay enough to buy housing in places millennials and Gen Z consider desirable.
- 88913527 3y ago
  The top quintile makes up a disproportionate portion of total consumption, so 1 laid off high-earning worker can have more second-order effects than 1 laid off middle-quintile earner.
  - lotsofpulp 3y ago
    Maybe. Or more people in the bottom quintile earned more, and hence were able to consume more (in aggregate) to offset the few in the top quintile that are consuming less.
  - dragonwriter 3y ago
    > The top quintile makes up a disproportionate portion of total consumption, They also have mich bigger savings cushions on average and can go through disruptions with little change to consumption.
- red-iron-pine 3y ago
  The problem is that finding those jobs is hard, unless you live somewhere very expensive. I could afford a house, easily, in Rural Kentucky, but good luck getting a job around there. Remote might change that game a little, but not as much as you'd think, and there would always be a huge sword of damocles dangling over your head about job security.
benterix 3y ago
This was discussed in many threads during these layoffs. Specifically, people were upset that several companies were overhiring during the pandemic being overoptimistic on shaky grounds. But in spite of layoffs most of these headcounts remained higher than before the pandemic. My take: everybody wants to foretell the future, and people on the two extremes are the most visible. Whereas in fact the present is so-so, not terrible, not excellent.

by gochi 3y ago

GoodJokes 3y ago

[dead]

0xDEF 3y ago

American Big Tech companies laying off highly paid specialized tech workers doesn't say much about the rest of the economy. We already knew that most of the Big Tech companies are houses of cards built around one core profitable business like Google's Ad business. The rest of society has no problem finding jobs. The problem is that almost no jobs pay enough to buy housing in places millennials and Gen Z consider desirable.

88913527 3y ago
The top quintile makes up a disproportionate portion of total consumption, so 1 laid off high-earning worker can have more second-order effects than 1 laid off middle-quintile earner.
- lotsofpulp 3y ago
  Maybe. Or more people in the bottom quintile earned more, and hence were able to consume more (in aggregate) to offset the few in the top quintile that are consuming less.
- dragonwriter 3y ago
  > The top quintile makes up a disproportionate portion of total consumption, They also have mich bigger savings cushions on average and can go through disruptions with little change to consumption.
red-iron-pine 3y ago
The problem is that finding those jobs is hard, unless you live somewhere very expensive. I could afford a house, easily, in Rural Kentucky, but good luck getting a job around there. Remote might change that game a little, but not as much as you'd think, and there would always be a huge sword of damocles dangling over your head about job security.

benterix 3y ago

This was discussed in many threads during these layoffs. Specifically, people were upset that several companies were overhiring during the pandemic being overoptimistic on shaky grounds. But in spite of layoffs most of these headcounts remained higher than before the pandemic. My take: everybody wants to foretell the future, and people on the two extremes are the most visible. Whereas in fact the present is so-so, not terrible, not excellent.