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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 6 points 10 months ago

Michael Hudson, Jun. 2022: The Fed’s Austerity Program to Reduce Wages

To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. The orthodox way to do this is to push the economy into recession in order to reduce hiring. Rising unemployment will oblige labor to compete for jobs that pay less and less as the economy slows.