Muh Economy: Layoffs tracker

[phxspurfan]

Wayfair cutting 3% of workforce, for "efficiency reasons"

https://www.cnn.com/2020/02/13/business/wayfair-layoffs-stock/index.html

Shares of Wayfair fell 10% Thursday after the online retailer announced it will shed 550 jobs, which is 3% of its workforce.

The company, based in Boston, said the move will help it lower costs.
"We continually evaluate the needs of the business and work to increase efficiencies,"

"Management is now much more constructively reviewing the company's business model and cost infrastructure," Oppenheimer analyst Brian Nagel wrote in a note to clients Thursday.

[phxspurfan]

Macy's will close 125 stores in the next three years
https://www.cnn.com/2020/02/04/business/macys-closing-department-stores/index.html

Macy's said Tuesday that it will close 125 stores over the next three years, nearly one fifth of its total locations, in another blow to American department stores.

Macy's will look to exit some struggling malls, where foot traffic has slowed. It will also cut roughly 2,000 jobs, or 10% of its corporate staff, and shut down its offices in Cincinnati and San Francisco. Macy's (M) expects to save $1.5 billion by the end of 2022 from the cost-cutting measures.

[phxspurfan]

Lyft is laying off 90 employees as it struggles to become profitable

https://www.theverge.com/2020/1/29/21113878/lyft-layoff-employees-profit-ipo-losses-restructuring

Lyft announced a round of staff cuts amid questions about the company’s ability to stem its enormous losses and show how it can achieve profitability. The company is laying off about 90 employees, or around 1.6 percent of its 5,500-person workforce. The layoffs were first reported by The New York Times — though Lyft denied that it was part of a broader corporate restructuring, as originally reported by the Times.

The layoffs will affect Lyft’s marketing and enterprise sales departments

[baseline bum]

Wayfair cutting 3% of workforce, for "efficiency reasons"

https://www.cnn.com/2020/02/13/business/wayfair-layoffs-stock/index.html

Shares of Wayfair fell 10% Thursday after the online retailer announced it will shed 550 jobs, which is 3% of its workforce.

The company, based in Boston, said the move will help it lower costs.
"We continually evaluate the needs of the business and work to increase efficiencies,"

"Management is now much more constructively reviewing the company's business model and cost infrastructure," Oppenheimer analyst Brian Nagel wrote in a note to clients Thursday.

Fuck Wayfair, I hope they go under after sticking us with effectively a national sales tax on online purchases.

[phxspurfan]

VMware? VM... now where? It's that time of the year again when Dell's virtualization software giant sheds staff

https://www.theregister.co.uk/2020/01/28/vmware_layoffs_confirmed/

VMware today laid off staff across the globe in various roles and departments.

The virtualization software giant would not put an exact number on those affected in what seems like an annual round of layoffs: it tends to trim its workforce around this time of the year.

Some folks have suggested at least 220 workers were axed, a figure the biz did not dispute

[phxspurfan]

WeWork Will Lay Off 2,400 Workers

https://www.cnbc.com/2019/11/18/wework-planning-to-layoff-thousands-in-cost-cutting-efforts.html

WeWork is preparing to cut at least 4,000 jobs in a bid to achieve financial stability and those layoffs could be announced as early as this week, the New York Times reported.
As many as 6,000 employees could ultimately be laid off, one person told the Times.
In a memo to employees, WeWork Chairman Marcelo Claure confirmed layoffs were coming this week, but did not say how many.
Last week, WeWork told investors it lost $1.25 billion on revenue of $934 million in the third quarter — losses were up more than 150% from the same period a year ago.

[phxspurfan]

Vox Media Layoffs: Hundreds Of Freelance Workers Cut Ahead Of California’s New Gig Economy Law

https://www.ibtimes.com/vox-media-layoffs-hundreds-freelance-workers-cut-ahead-californias-new-gig-economy-2887254

“This is a bittersweet note of thanks to our California independent contractors. In 2020, we will move California’s team blogs from our established system with hundreds of contractors to a new one run by a team of new SB Nation employees.”

[phxspurfan]

Boeing's fired CEO got his $62 million payout confirmed the same day 2,800 people in the 737 Max supply chain were laid off

https://www.businessinsider.com/boeing-muilenburg-payout-same-time-thousands-layoffs-2020-1

Dennis Muilenburg, the recently-ousted CEO of Boeing, is leaving with a $62 million payout, the company said Friday.
The substantial award comes despite being fired for poor handling of the fatal crashes, aftermath, and continued suspension from service of the 737 Max.
Also on Friday other workers lost their jobs because of the 737 Max: 2,800 employees of Boeing supplier Spirit AeroSystems.
Spirit said the workers had to go because there was no work for them in light of Boeing suspending production of the 737 Max while it is grounded.
Unlike Muilenburg, they did not get large exit packages, and will instead receive 60 days' pay.

[phxspurfan]

Xilinx to cut 7 percent of its workforce

https://www.bizjournals.com/sanjose/news/2020/01/29/xilinx-earnings-layoffs.html

Chipmaker Xilinx Inc. is making plans to cut 7 percent of its total workforce — about 300 jobs — after it released a disappointing quarterly report on Tuesday.

The Wall Street Journal reports that San Jose-based Xilinx blames its losses on what it calls a “perfect storm” that involves a slowdown in 5G investments and the U.S.-China trade war affecting business with Huawei Technologies Co. It plans to make about $20 million in cost cuts this quarter.

[phxspurfan]

Kohl's to cut about 250 positions in corporate restructuring

https://www.usatoday.com/story/money/2020/02/12/kohls-layoffs-around-250-jobs-cut-corporate-restructuring/4741643002/

Kohl's is eliminating about 250 positions in a company restructuring that the retailer said will improve efficiency.

The eliminated positions are across the organization at the corporate level, Kohl's Senior Vice President of Communications Jen Johnson said in a statement Wednesday.

The reductions affect workers at the Menomonee Falls, Wisconsin, headquarters; offices in New York and California; and in other regional positions.

"The departures include removing a layer of regional store leadership roles and positions, restructuring teams in our merchant organization and changes to other positions in our corporate offices," Johnson said.

[Millennial_Messiah]

I need a recession tbh. Will finally sink house prices at long last, maybe not back to 2009 but close enough for me to take advantage. Also, it won't affect the tech sector much if at all, so my jobs are safe.

[phxspurfan]

Morgan Stanley is latest bank making layoffs; others to follow?

https://www.wraltechwire.com/2019/12/10/morgan-stanley-is-latest-bank-making-layoffs-others-to-follow/

Morgan Stanley is cutting approximately 1,500 jobs because of concerns about economic uncertainty around the world, a person familiar with the matter told CNN Business.

The job cuts represent more than 2% of the bank’s workforce, which totaled 60,532 at the end of September. The layoffs will skew towards technology and operations roles, the source said.

The flurry of pink slips comes as Wall Street firms face pressure to restrain spending to offset a challenging environment of low interest rates, slow economic growth and vanishing volatility in financial markets. And it comes as traditional bank jobs are being disrupted by artificial intelligence and other new technologies.

Morgan Stanley’s compensation expenses crept higher during the third quarter even as revenue was sluggish.

“We remain committed to controlling our expenses,” CEO James Gorman said at the time.

[phxspurfan]

I need a recession tbh. Will finally sink house prices at long last, maybe not back to 2009 but close enough for me to take advantage. Also, it won't affect the tech sector much if at all, so my jobs are safe.

shits coming, bruh.


not 2008 bad doe

[Millennial_Messiah]

shits coming, bruh.


not 2008 bad doe
good. gimme that $1.49 gas all year and 30%+ off current home prices. and more like 70% off those "fixer uppers". Five dollar footlongs, 55-cent burgers from Jack in the Box. Gimme that life back

[DMC]

Boeing's fired CEO got his $62 million payout confirmed the same day 2,800 people in the 737 Max supply chain were laid off

https://www.businessinsider.com/boeing-muilenburg-payout-same-time-thousands-layoffs-2020-1

Dennis Muilenburg, the recently-ousted CEO of Boeing, is leaving with a $62 million payout, the company said Friday.
The substantial award comes despite being fired for poor handling of the fatal crashes, aftermath, and continued suspension from service of the 737 Max.
Also on Friday other workers lost their jobs because of the 737 Max: 2,800 employees of Boeing supplier Spirit AeroSystems.
Spirit said the workers had to go because there was no work for them in light of Boeing suspending production of the 737 Max while it is grounded.
Unlike Muilenburg, they did not get large exit packages, and will instead receive 60 days' pay.
You'd almost think it's good to strive to be a CEO instead of an entry level employee for 27 years.

[phxspurfan]

These were the big ones I have noticed recently. Could have missed a few (esp. retailers -- Forever 21, etc. -- but everyone knows retail is generally in trouble regardless of the cycle, due to business model). More are probably coming after Q2 earnings season, once companies start to blame Corona Lite for their problems.

[phxspurfan]

good. gimme that $1.49 gas all year and 30%+ off current home prices. and more like 70% off those "fixer uppers". Five dollar footlongs, 55-cent burgers from Jack in the Box. Gimme that life back

Unlike 2008, people see this one coming and have cash saved. You'll likely be facing stiff competition for the distressed inventory from the savers. Also from all the people like me who saw all their friends get rich by going all in on houses last crash. It may be time to get that side realtor license

[Nathan89]

You can pull these stories every single year in the past and every single year going forward.

[Millennial_Messiah]

Unlike 2008, people see this one coming and have cash saved. You'll likely be facing stiff competition for the distressed inventory from the savers. Also from all the people like me who saw all their friends get rich by going all in on houses last crash. It may be time to get that side realtor license

Realtor license is no good because it doesn't travel state to state. I'd never want my career to be married to any specific state.

I was 14 in 2008 and my mom worked public sector (teaching; grandmother was also a retired teacher and got Texas TRS money from that) so it didn't affect us one bit.

this will be my first chance as an adult, I desperately need an opportunity to get rich.. I have over $250 saved so I should be in the driver's seat

[phxspurfan]

Intel to lay off Bay Area employees, despite growth in data center business

https://www.sfchronicle.com/business/article/Intel-to-lay-off-Bay-Area-employees-despite-15054307.php

Computing giant Intel will lay off 129 workers at four company locations in Santa Clara, where it has its headquarters, according to filings with the California Employment Development Department.

The filings said the layoffs will officially take place March 31, although in many cases employees lose their jobs sooner.

“As we move into 2020, our business units are focusing their resources on areas where we have the greatest opportunity for growth and, as part of that, some are planning to eliminate roles associated with projects that are no longer priorities,”

[phxspurfan]

Google Tells Hardware Division Staff To Find New Jobs

https://sfist.com/2019/03/13/google-laptop-tablet-division-non-layoffs/

Google/Alphabet is having some non-layoff layoffs in its Create division, reportedly telling "dozens" of people on the laptop and tablet teams to "find new jobs" within the company as part of some "roadmap cutbacks."

[phxspurfan]

Cisco Layoffs: Nearly 500 Jobs Cut In California

https://www.crn.com/news/networking/cisco-layoffs-nearly-500-jobs-cut-in-california

Cisco Systems has laid off more than 480 employees at the networking giant's San Jose and Milpitas offices in California, marking another period of major layoffs for the company within the last 12 months.

The company cut 397 jobs at its headquarters in San Jose and another 91 in Milpitas, which were effective July 31, according to WARN notices received by the state of California's Employment Development Division last Friday.

This is the second time significant layoffs have hit Cisco's offices in San Jose and Milpitas in the last 12 months after the company cut 460 jobs last November.

[phxspurfan]

You'll know recession is here (lagging indicator) when the layoffs hit the Top 10 Largest Employers in the USA

https://www.backgroundchecks.com/community/Post/5836/Top-10-Largest-Employers-in-the-USA

1. WalMart (2.3 Million)
2. Amazon (542,000)
3. Kroger (420,000)
4. Yum! Brands (420,000) (KFC, Pizza Hut, etc.)
5. Home Depot (406,000)
6. IBM (380,000)
7. McDonald's (370,000)
8. Berkshire Hathaway (360,000)
9. FedEx (335,000)
10. UPS (335,000)

[RandomGuy]

good. gimme that $1.49 gas all year and 30%+ off current home prices. and more like 70% off those "fixer uppers". Five dollar footlongs, 55-cent burgers from Jack in the Box. Gimme that life back

Next recession will probably not be as bad as 2009.

Gonna be a slow, rolling stop, and even more people will be without health insurance, unless something like Medicare for all passes.

[boutons_deux]

unless something like Medicare for all passes.

... never gonna pass, EVER. The Repugs and the Dem e$tabli$hment are paid to block it.

A huge majority of people want it, but in USA, the oligarchy's "vote" counts, not the ignored people's vote.

[hater]

sure every big company is preparing for the next big crash which will most likely happen this year

the stock market is in one of its biggest bubbles yet and is being artificially inflated

LMAO just look at the Tesla stock :lmao

its the biggest farce in stock history tbqh

and boeing? its kaput

[CosmicCowboy]

sure every big company is preparing for the next big crash which will most likely happen this year

the stock market is in one of its biggest bubbles yet and is being artificially inflated

LMAO just look at the Tesla stock :lmao

its the biggest farce in stock history tbqh

and boeing? its kaput

Agree. Tesla stock totally defies logic.

[Blake]

You'd almost think it's good to strive to be a CEO instead of an entry level employee for 27 years.

Yeah those 2800 people should have just been CEO instead

[Blake]

Not quite a layoff but in the arena

"St. Clare's Hospital was everything to Jerry and Kathy Adach.

They married after meeting at the Schenectady, New York area hospital, where both worked, in the early '80s. Their two daughters were born there. The couple, who devoted a combined 59 years of service to the facility, had expected to retire with a good pension from the hospital.

That is, until last year, when their former employer — which went out of business back in 2008 — delivered a gut punch: Its pension plan was in financial distress and wouldn't pay a dime of their expected benefits.

For Jerry and Kathy, both 58, that means losing around $27,000 a year in planned retirement income — around a third of their combined income from the hospital.

"Last year, out of nowhere, they just said, 'We're done,'" said Jerry Adach, who works in information technology. "We wanted to retire at 62. We can't now."

"I banked on that pension," he said. "We can't make that up."

Federal retirement law typically puts a backstop in place to prevent this sort of doomsday financial scenario for retirees and near-retirees.

However, St. Clare's was affiliated with the Roman Catholic Church. Its pension, and those of other nonprofits throughout the U.S. with ties to religious entities, are beholden to different rules that could ultimately leave people empty-handed or with reduced benefits.

"We have seen estimates that it affects about 1 million people," said Dara Smith, a senior attorney for the AARP Foundation representing many of the former St. Clare's workers.

https://www.cnbc.com/2020/02/13/distressed-pension-funds-could-take-away-benefits-for-hospital-workers.html

Thanks, Roman Catholic Church!

[Millennial_Messiah]

Next recession will probably not be as bad as 2009.

Gonna be a slow, rolling stop, and even more people will be without health insurance, unless something like Medicare for all passes.
Recession was high school for me so that was kind of the norm I grew up on and everything else just feels too expensive tbh.

[Will Hunting]

Agree. Tesla stock totally defies logic.
It’s a short squeeze that’s gotten way too out of control.

[boutons_deux]

Thanks, Roman Catholic Church!

... a business like any other.

[RandomGuy]

Recession was high school for me so that was kind of the norm I grew up on and everything else just feels too expensive tbh.

Three issues will dominate the world's economy in your lifetimes.


Africa's economic ascendance.
End of cheap oil.
A.I.

We may get out into space in a big way, finally, in your lifetime about the time you guys are about 40. (assuming you are about 20 now)

A bit on the end of easy oil.

https://www.vice.com/en_us/article/8848g5/government-agency-warns-global-oil-industry-is-on-the-brink-of-a-meltdown

There will be plenty of oil left, but what is in the ground will get increasingly expensive to get out, making oil over time less and less economical as an energy source. We will still need it for the chemical industry, but that shift will mean a lot of changes that the older folks here will not be ready for.

[RandomGuy]

Recession was high school for me so that was kind of the norm I grew up on and everything else just feels too expensive tbh.

as for the US economy, expect the continued implosion of retail. If you want some interesting economic opportunity, look to something that repurposes all the squarefootage (think malls) for affordable housing.

[RandomGuy]

The early collapses are making for some interesting URBEX opportunities.

http://www.marketoracle.co.uk/images/dead-malls-dixie-1.png

https://2.bp.blogspot.com/-ysDpncbcB1s/WXXyWi27K7I/AAAAAAABC80/q5OGW2qz6gYXdADWNUNUl60k9Ak1jV33gCLcBGAs/s1600/abandoned-rolling-acres-dead-mall-akron-ohio-24.jpg

https://i2.cdn.turner.com/money/dam/assets/141216123405-ghost-mall-1024x576.jpg

https://i.ytimg.com/vi/AYzA2uyd9_s/maxresdefault.jpg


There may be time to save the newer zombie properties with the right level of community involvement, and TAXES to develop it.

[Blake]

The early collapses are making for some interesting URBEX opportunities.

http://www.marketoracle.co.uk/images/dead-malls-dixie-1.png

https://2.bp.blogspot.com/-ysDpncbcB1s/WXXyWi27K7I/AAAAAAABC80/q5OGW2qz6gYXdADWNUNUl60k9Ak1jV33gCLcBGAs/s1600/abandoned-rolling-acres-dead-mall-akron-ohio-24.jpg

https://i2.cdn.turner.com/money/dam/assets/141216123405-ghost-mall-1024x576.jpg

https://i.ytimg.com/vi/AYzA2uyd9_s/maxresdefault.jpg


There may be time to save the newer zombie properties with the right level of community involvement, and TAXES to develop it.

Lol Waldenbooks. How old is that picture

[RandomGuy]

... never gonna pass, EVER. The Repugs and the Dem e$tabli$hment are paid to block it.

A huge majority of people want it, but in USA, the oligarchy's "vote" counts, not the ignored people's vote.

Dunno. I remain an optimist.

the pessimist in me thinks you are right about that. We'll see.

[Millennial_Messiah]

Lol Waldenbooks. How old is that picture

I remember going there with my grandmother on Saturdays as a kid to the one in Westlakes Mall

[RandomGuy]

Lol Waldenbooks. How old is that picture

Dunno. Pulled up as part of a group of images in a "dead mall picture" search at Duck Duck Go.

[RandomGuy]

I remember going there with my grandmother on Saturdays as a kid to the one in Westlakes Mall

https://cms.qz.com/wp-content/uploads/2017/07/marc-squares.png?w=620&h=349&crop=1&strip=all&quality=75

https://qz.com/1032723/theres-much-more-empty-retail-space-in-the-us-than-in-other-countries-on-a-per-capita-level/

Put this into any search engine:

square feet of retail space per capita US

And see what pops up. It has all the earmarks of a bubble. Think about all the empty strip malls near you. They built and built and built, then e-commerce came along. Increasing supply at a time of falling demand, perfect storm.

[RandomGuy]

Lol Waldenbooks. How old is that picture

Not going to bother with hotlinks, here are a few Urbex (urban exploration) videos of abandoned malls.

https://www.youtube.com/watch?v=QmNyVFibClQ

https://www.youtube.com/watch?v=n67s2r6fVKg

https://www.youtube.com/watch?v=Y8Ks9jl2lhY

Found searching youtube using this:

urbex malls

[Blake]

You don't really need to search. I know the rough timeframe. I wonder if it was next to an Orange Julius

[Blake]

I think retail won't completely implode. I think it will be restructured.

Funny the one store that doesn't really seem to fit into a mall setting but is always by far the busiest is the Apple Store

[Chucho]

Not going to bother with hotlinks, here are a few Urbex (urban exploration) videos of abandoned malls.

https://www.youtube.com/watch?v=QmNyVFibClQ

https://www.youtube.com/watch?v=n67s2r6fVKg

https://www.youtube.com/watch?v=Y8Ks9jl2lhY

Found searching youtube using this:

urbex malls


Is Urbex the name for abandoned building exploration? Sounds too much like the rubber manufacturer, tbh. But I fucking LOVE this stuff and those videos. Started watching those a few years back, really neat (yes, I understand the gravity of all the urban decay) seeing things like Mike Tyson's mansion to the malls to abandoned theme parks and hotels. About as close to frozen time as we can get.

[RandomGuy]

Is Urbex the name for abandoned building exploration? Sounds too much like the rubber manufacturer, tbh. But I fucking LOVE this stuff and those videos. Started watching those a few years back, really neat (yes, I understand the gravity of all the urban decay) seeing things like Mike Tyson's mansion to the malls to abandoned theme parks and hotels. About as close to frozen time as we can get.

Me too. My wife puts up with me watching on our smart TV. Some of the places these people have been are awesome. Makes me wish I was a bit younger.

Proper People is the channel I have watched the most of. There are photographers out there that specialize in it as well.

sounds like a good "club" post. :D

[Chucho]

Me too. My wife puts up with me watching on our smart TV. Some of the places these people have been are awesome. Makes me wish I was a bit younger.

Proper People is the channel I have watched the most of. There are photographers out there that specialize in it as well.

sounds like a good "club" post. :D


I watch a few different explorers. I also like this one kid that does mini docs on some of the places that are abandoned landmarks and more famous places he's explored. Pretty cool stuff. The nostalgia strings get tugged on as well.

[phxspurfan]

Los Angeles Times is offering buyouts to staffers with at least two years of employment

https://www.cnn.com/2020/02/20/media/los-angeles-times-buyouts/index.html

New York (CNN Business)The Los Angeles Times is offering its staff voluntary buyouts less than two years after biotech billionaire Dr. Patrick Soon-Shiong swooped in to buy the beleaguered newspaper in hopes of turning it around.

"The buyout offer is intended to give us a little more flexibility to create and hire new roles, and to give some staffers who are looking to make a change an opportunity to leave on their own terms,"

[phxspurfan]

HSBC announced job cuts of 35,000 this morning

https://www.fastcompany.com/90465194/what-went-wrong-at-hsbc

It’s the biggest bank in Europe by assets. The Wall Street Journal reports that the bank is abandoning some of its Western staff and operations, for a few reasons:

- Plummeting profits. Net profits for 2019 were down 53% from last year. “Parts of our business are not delivering acceptable returns,” said interim CEO Noel Quinn.

- Unstable markets. HSBC is deeply enmeshed in Hong Kong and China, which are rocked by protests in Hong Kong and trade tensions between the U.S. and China, as well as the Covid-19 outbreak.

- Brexit. While HSBC will maintain a global hub in London, the bank considers U.K. markets unstable and wants out.

[Winehole23]

Good twitter thread on workers left behind by the US economy:

1230505794686373888

[phxspurfan]

Lime is laying off about 100 people and ceasing operations in 12 markets (incl. SA)

https://techcrunch.com/2020/01/09/lime-is-laying-off-about-100-people-and-ceasing-operations-in-12-markets/

Lime is shutting down in Atlanta, Phoenix, San Diego, San Antonio, Linz, Bogotá, Buenos Aires, Montevideo, Lima, Puerto Vallarta, Rio de Janeiro and São Paulo.

Between 2018 and 2019, competitor Bird pulled out of 38 markets and entered 36 new ones.

And while layoffs are not fun, Lime is not alone. Last year, both Bird and Lyft laid off employees working on micromobility. In March, Bird laid off up to 5% of its workforce and then cut up to a dozen Scoot employees in December. Lyft, similarly, also laid off up to 50 people on its bikes and scooters team in March.

[phxspurfan]

TripAdvisor layoffs / Outplacement firm cites 2019 saw 351% YoY increase in layoffs across tech industry

https://www.wsws.org/en/articles/2020/02/18/wayf-f18.html

Prior to the Wayfair layoffs, Bloomberg reported in January that Tripadvisor, based in Needham, Massachusetts, just outside of Boston, would eliminate 200 jobs, representing about 5 percent of the total workforce.

In a third quarter earnings call November 7, Tripadvisor Chief Financial Officer Ernst Teunissan said the company is looking to cut $60 million to $80 million from its annual spend.

An analysis of job data by the outplacement and coaching firm Challenger, Gray and Christmas reported that technology companies announced 64,166 job cuts in 2019. That number is an astonishing 351 percent increase from 2018 when there were 14,230 job cuts in the industry.

[phxspurfan]

If you're a macro buff, here is a historic US nonfarm payroll chart. it basically shows the steadiest of economies for the past 10 years. Historically long. No real corrections compared to historical patterns. Like the calm before the storm, but no one knows when the storm is coming, or where it will originate...

https://tradingeconomics.com/united-states/non-farm-payrolls

[Winehole23]

Tangent: housing costs are increasingly unaffordable in this best of all possible countries.


NLIHC's report calculates a "housing wage" that estimates how much a full-time worker must make in order to afford a fair market rental without spending more than 30% of his or her income. For 2019, the housing wage is $22.96 for a two-bedroom rental, and $18.65 for a one-bedroom.

Click to enlarge

The means someone earning the federal minimum wage would have to work more than three full-time jobs — 127 hours per week — to afford a two-bedroom rental, and 103 hours for a one-bedroom.https://reports.nlihc.org/oor

[phxspurfan]

Good twitter thread on workers left behind by the US economy:

1230505794686373888

Wealth divide in action tbh. Any stats that provide medians or averages in today's working society skew low (which is the truth). With the median pay job in the USA, someone would be break even or a little under water taking care of a family of four, even in a median income area (i.e. not CA, NY etc). In CA/NY, it is a necessity that there be two earners, or that one of those earners be in the upper class. Or have a paid off house bought in 1980.

[DMC]

Historically low unemployment rating and the left is trying to spin a narrative about layoffs.

[DMC]

Next recession will probably not be as bad as 2009.

Gonna be a slow, rolling stop, and even more people will be without health insurance, unless something like Medicare for all passes.

:lol then comes the fear mongering. Unless we get a liberal in office, we're fucked.

[ElNono]

:lol then comes the fear mongering. Unless we get a liberal in office, we're fucked.

Once we get the inevitable liberal in office, it'll be 'hyperinflation is coming!', 'the deficit is huge to keep spending like that!', etc

[boutons_deux]

Wealth divide in action tbh.

Wealth extraction by the oligarchy, and war on employees who are excluded from growth of GDP / from Wealth of the Nation

Idiots who say capitalism and free markets magically seek and arrive at equilibrium are repeatedly, convincingly proven to be idiots with their inhumane bullshit economics which are "defined" by the BigFinance's old boys club called The Federal Reserve.

The oligarchy raises prices, extracts wealth "because it can".

In the absence of true competition, we get effective price collusion between a few BigCorp players who price their products to be effectively the same as others, not because the cost of product changes.

America is fucked and unfuckable and Bernie/Liz/progressive WH and Congress will at very best peck out tiny changes while the massive shitshow above gets inexorably worse for the non-oligarchy.

[DMC]

Once we get the inevitable liberal in office, it'll be 'hyperinflation is coming!', 'the deficit is huge to keep spending like that!', etc

WWIII and the corona virus be followed by a post-apocalyptic world. I got dibs on prisons.

[RandomGuy]

:lol then comes the fear mongering. Unless we get a liberal in office, we're fucked.

Not really. I moderately competant Republican would be better than the thinly staffed boobs running things now.

Unless we change presidents at all we're fucked.

We have already seen this administration fuck up responses to crisis, often making them worse. I shudder to think what financial crisis 2.0 would look like with the corrupt idiots running the show now making decisions.

[RandomGuy]

Once we get the inevitable liberal in office, it'll be 'hyperinflation is coming!', 'the deficit is huge to keep spending like that!', etc

Eyup. The deficit will suddenly, magically, matter again. :rolleyes