This article was originally published by Michael Snyder at The Economic Collapse Blog under the title: Tech Companies Have Laid Off More Than 219,000 Workers In 2023. But Don’t Worry, Because Biden Says The Economy Is Fine.
If you want to believe the propaganda that is coming from the Biden administration, you probably won’t want to read this article. Joe Biden insists that “Bidenomics” is working and that a wonderful new era of peace and prosperity is just around the corner.
Meanwhile, inflation is out of control, homelessness is rising to very frightening levels, the commercial real estate market is imploding, and large companies are conducting mass layoffs all over America. In fact, tech companies have already laid off more workers in 2023 than they did all of last year…
More than 219,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by the website Layoffs.fyi.
That number has gone up more than eightfold since mid-January, the website noted.
The data show that 2023 has easily surpassed 2022 for global tech redundancies, with 869 tech companies laying off 219,809 employees since the start of the year. Last year, 1,024 tech companies laid off a total of 154,336 employees, according to Layoffs.fyi.
For some of our largest tech companies, one round of layoffs was simply not enough.
For example, after laying off 10,000 workers earlier this year, Microsoft has decided that another round of layoffs has now become necessary…
Microsoft confirmed Monday that it’s eliminating additional jobs, a week after the start of its 2024 fiscal year.
The cuts are in addition to the downsizing announced in January that resulted in 10,000 layoffs. The software maker also disclosed a small number of cuts this time last year.
Meta, the parent company of Facebook, has already conducted three rounds of layoffs so far in 2023…
Facebook parent Meta Platforms Inc. (META) also made its latest round of layoffs in late May, according to reports, marking the tech giant’s third set of cuts this year. Meta declined to comment in response to a request from MarketWatch for confirmation of the latest layoffs. The company’s second round of layoffs in April cut technical positions, according to LinkedIn posts. Meta is in the midst of cutting 21,000 jobs in 2023 as part of what CEO Mark Zuckerberg has described as a “year of efficiency” for the company.
What we are witnessing is complete and utter carnage, but the mainstream media is not making a big deal out of all this.
After all, it wouldn’t be good to make Joe Biden look bad, would it?
But no matter what sort of positive spin the Biden administration tries to put on things, the layoffs just keep on coming. For example, on Friday we learned that Binance has decided to give the axe to more than 1,000 highly paid workers…
Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday.
The layoffs at the world’s biggest crypto exchange come at a time when the industry’s future in the U.S. market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities.
The job cuts were first reported by the Wall Street Journal, which said more than 1,000 people had been let go in recent weeks.
I could go on with example after example.
And now that Tucker Carlson is gone, Fox News has determined that this is the perfect time to conduct “company-wide” layoffs…
Fox News is reportedly beginning “company-wide” layoffs, including of the remaining former employees of Tucker Carlson.
The development was reported on Friday by journalist and Carlson biographer Chadwick Moore, who published a screenshot of an email informing employees of the impending action.
The email ordered the recipients to turn in all company equipment and their ID badges at 9 p.m. after the conclusion of the show they were working on.
It is beginning to look a lot like 2008, and there will be so many heartbreaking stories in the months ahead.
Bankruptcies are surging, and vast numbers of businesses are starting to fail.
In San Francisco, Anchor Brewery will be ceasing operations after 127 years in business, and so all of their workers will be losing their jobs…
After 127 years in business, San Francisco’s Anchor Brewing Company is shutting down.
According to a press release, the brewery has been facing challenging economic factors and declining sales since 2016.
“This was an extremely difficult decision that Anchor reached only after many months of careful evaluation,” Anchor Brewing spokesperson Sam Singer said. “We recognize the importance and historic significance of Anchor to San Francisco and to the craft brewing industry, but the impacts of the pandemic, inflation, especially in San Francisco, and a highly competitive market left the company with no option but to make this sad decision to cease operations.”
But even though they can see what is happening, officials at the Federal Reserve just keep telling us that more interest rate hikes are coming.
They insist that they can dramatically hike interest rates and engineer a “soft landing” for the economy at the same time, but many are skeptical of this claim…
Can the Federal Reserve navigate a narrow path and slay price inflation while steering the economy to a soft landing?
During an interview on CNBC Squawk Box, financial analyst Jim Grant expressed his doubts.
He compared Jerome Powell’s task to Captain Chelsey Sullenberger’s when he was forced to land a US Airways plane on the Hudson River after an inflight emergency, noting Powell is “no Sully.”
Grant went on to explain that even if things don’t look so bad right now, rivets are popping in the economy.
Yes, rivets are definitely popping, and things are only going to get worse in the months ahead.
But just like Joe Biden, officials at the Fed insist that everything is just fine.
In fact, the Federal Reserve says that Taylor Swift is boosting the U.S. economy all by herself.
Apparently, her concert tour is so popular that it is greatly energizing the local economy at each stop.
Good for her.
But Taylor Swift is not going to save us from what is coming.
Neither is Joe Biden.
The truth is that the U.S. economy is already starting to come apart at the seams, and the layoffs that we have seen so far are just the tip of the iceberg.
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