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What's with all the tech layoffs? (infosec.pub)

submitted 10 months ago by HanDman@infosec.pub to c/asklemmy@lemmy.ml

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Every day there’s more big job cuts at tech and games companies. I’ve not seen anything explaining why they all seam to be at once like this. Is it coincidence or is there something driving all the job cuts?

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[–] davel@lemmy.ml 42 points 10 months ago* (last edited 10 months ago) (1 children)

The Federal Reserve raised interest rates in order to cause layoffs. The capitalist class wanted to enlarge the reserve army of labor so that workers would be too worried about losing their jobs to demand raises.

'You Are Gambling With People's Lives': Warren Rips Powell Over Job-Killing Rate Hikes

[–] BaldProphet@kbin.social 7 points 10 months ago (1 children)

Which is ironic because one of the Fed's chartered purposes is to maximize employment. I guess maximizing profits is more important, even though it's not on the list.

[–] davel@lemmy.ml 13 points 10 months ago* (last edited 10 months ago)

Yup. From an article I linked to in another comment:

The Federal Reserve Board’s ostensible policy aim is to manage the money supply and bank credit in a way that maintains price stability. That usually means fighting inflation, which is blamed entirely on “too much employment,” euphemized as “too much money.” In Congress’s more progressive days, the Fed was charged with a second objective: to promote full employment. The problem is that full employment is supposed to be inflationary – and the way to fight inflation is to reduce employment, which is viewed simplistically as being determined by the supply of credit.

So in practice, one of the Fed’s two directives has to give. And hardly by surprise, the “full employment” aim is thrown overboard – if indeed it ever was taken seriously by the Fed’s managers.