Despite the Biden administration’s efforts to convince us that the economy is “strong as hell” it’s impossible to ignore the reality of what’s going on. The American economy is getting worse by the day and the president’s LIES to the contrary are going to make the fallout that much worse for Americans that trust the White House.
The economic woes have been plaguing Biden’s term in office for some time now but the stats show things are getting worse FAST.
Layoff numbers from U.S. based employers show things were bad last year, but they’re WAY WORSE this year. Layoffs are up 400% from this time last year!
Economic turmoil and a desire to cut costs are the primary reasons businesses are laying off workers according to a report by executive outplacement firm Challenger, Gray & Christmas.
“We know companies are approaching 2023 with caution, though the economy is still creating jobs,” Challenger, Gray & Christmas Senior Vice President Andrew Challenger said in a statement.
“With rate hikes continuing and companies’ reigning in costs, the large-scale layoffs we are seeing will likely continue.”
Tech firms which have historically raked in monster profits are leading the charge with companies like Meta, Google and Amazon cutting jobs at a RAPID pace.
One estimate from Crunchbase says that 130,000 workers have been dismissed from technology firms thus far in 2023 even after companies nixed about 93,000 positions last year. Layoffs in the industry are slated to shatter previous records from the tech bubble of 2001.
And this is particularly bizarre because these massive companies have a rather bountiful cash pile that they’re sitting on to help them get through economic hardships, so these mass layoffs must mean these major corporations are expecting things to get MUCH WORSE in America.
Amazon CEO Andy Jassy cited the “uncertain economy” as a motivating factor behind his company’s newly downsized payrolls.
Still, the Biden administration continues to doctor up the employment data to convince people that the overall labor market is strong. They’re literally fabricating numbers and trying to sell it as proof that the economy is doing just fine – except it’s not!
At the same time, real wages – the number which accounts for pay increases compares against inflation – have been dropping significantly, suggesting American’s purchasing power continues to erode under Joe Biden.
Families are being forced to pick up 2nd and sometimes even 3rd jobs just to keep pace with the rising costs of this high inflation environment – which of course, is also going towards padding the labor market stats, but recent reports have indicated that the number of full time jobs is down SIGNIFICANTLY.
The job gains are FAKE.
Meanwhile the federal reserve is pointing to the “strong” labor market as an indicator that the U.S. economy can afford higher rates and will likely continue to raise it so long as the data appears “strong.”
That means things are about to get even more brutal!