THE BIDEN EFFECT: Layoffs and Job Cuts Expanding Far Beyond Big Tech in 2023
Last month, Biden’s Treasury Secretary Janet Yellen said that the U.S.
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Last month, Biden’s Treasury Secretary Janet Yellen said that the U.S. economy is doing great, a point that has been repeated by Biden and other members of his administration.
Yet when you look at the numbers, they tell a very different story.
In late 2022 and early 2023, we saw a wave of layoffs in big tech, but that trend is spreading across the board and looks like it will get even worse this year.
From the Business Insider:
A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.
Morgan Stanley and Dropbox are the latest companies to announce cuts: Morgan Stanley is reportedly cutting 3,000 by the end of the quarter, while Dropbox’s CEO said last week the company would cut 500 jobs. Gap, meanwhile, said it would cut 1,800 jobs as part of a restructuring plan meant to cut costs at headquarters and in upper management.
The news comes after Lyft told employees on April 21 it would eliminate 1,200 roles, or about 30% of its workforce. The cuts will apply to corporate staffers, as Lyft does not consider drivers to be official employees of the company.
These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.
The downsizing followed significant reductions that companies including Meta and Twitter made last year…
But it’s not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.
Things are so bad that even CNN has been reporting on the subject:
BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. They join a growing list of companies cutting back on their workforce this year. https://t.co/wTIMF8TR9N
— CNN (@CNN) April 25, 2023
And of course, the Biden White House is in total denial:
REPORTER: "The number of layoffs and discharges rose to 1.8 million — that's the highest level since December of 2020…"
KJP says that it's "the kind of labor market easing that we want to see." pic.twitter.com/NU429vJyCk
— Townhall.com (@townhallcom) May 2, 2023
This is going to get worse before it gets better.
But what do people expect when this administration spends every waking moment obsessing about climate change instead of the economy and jobs?
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