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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
by 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 agoThe 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 agoMaybe. 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 agoThe 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.