Welcome to Incremental Social! Learn more about this project here!
Check out lemmyverse to find more communities to join from here!

AtmaJnana ,

Holy fuckballs. The economic illiteracy in this thread is shocking. We need civics and economics taught in highschool.

HootinNHollerin ,

Greed

LarmyOfLone ,

...Searches for the word "union" in the article...

Yeah it's propaganda.

ME5SENGER_24 ,

Tech is a cost center (in most cases) not a revenue center so despite us being an invaluable resource, IT jobs are generally the first cut when investors need to be paid

unreasonabro ,

because capitalism is not about the workers, not about the quality of the product, and not about helping anyone. It doesn't give a shit about anyone except whichever monkey is on top, and would argue vehemently against the suggestion that it should.

I'd go so far as to say that what it IS about, is not being human. Perhaps it's about becoming a dragon? but even that implies some degree of personality. Capitalism is unrelenting, banal evil, for the sake of being evil, with an endless litany of specious lies to justify its utterly retarded bullshit.

PilferJynx ,

I've always said capitalism and corporations are anti-social. They make society worse for profit.

flop_leash_973 ,

"The stock market is booming". Fixed the first part of the title for you.

As for why all of the layoffs? Because in the short term it usually causes the quoted bit above.

KingThrillgore ,
@KingThrillgore@lemmy.ml avatar
  • Companies value short term gains not long term projects
  • COVID overhiring
  • Salaries are too high for peons, they are trying to readjust
  • Market is spooked due to the interest rates and SVB collapse
  • New product offerings are not exciting consumers
  • The belief AI developments can offer performance improvments
  • The belief AI developments can weather regulatory scrutiny
Evotech ,

Because they hired too many

wabafee ,
@wabafee@lemmy.world avatar

Booming for the rich?

Tristaniopsis ,

Because they’re greedy cunts and they want more profit.

linearchaos ,
@linearchaos@lemmy.world avatar

It's a bunch of stuff.

The big companies all seriously upped their hiring game when COVID sent everybody work from home and all of a sudden a nice, cheap, workforce opened up all over the place. It's not that they're overstaffed at this point, but now that they can say look they're doing it over there too! The market's rough! A lot of big places have decided it's a good time to shed souls. They now have the opportunity to cut the more expensive people and the underperforming people, at the same time they get to increase their margins and improve their stock performance.

Interest rates are up so money's not free anymore (for the time being), advertising on the internet's getting harder due to legislation and public sentiment. SEO is getting harder. Everyone's dumping every available dollar they have into AI hoping to win big at buzzword bingo. Wages are starting to catch up to inflation they're paying more for what people they have. And honestly it's just an easy time for them to grab an extra couple of bucks.

A great number of the big guys probably are about to take a bath in corporate real estate.

There's also a another possible recession sitting around the corner. I believe there's already talk of the feds cutting rates again for a bit to try to side step it.

Honestly most of the stuff isn't really that new. But when Microsoft decides to do it, Google says hey that's a good idea let's do it! Everybody else is going to jump on board. Three - six months from now (assuming we're not mid recession) they'll probably be taking out billboards and reengaging bring a friend incentives again.

ipkpjersi ,

And honestly it’s just an easy time for them to grab an extra couple of bucks.

This is what it is. You didn't have to say more than this. The soulless husks that we know as directors want more money for themselves.

ferralcat ,

Tech needs to unionize. The only way to fight this is just to have the entire workforce walk out.

Kushia ,
@Kushia@lemmy.ml avatar

I've said this for years but my colleagues are all hooked on chasing payrises for themselves and won't work collectively because they think it'll hurt them doing that.

Cryophilia ,

Maybe because, I dunno, tech is not the whole economy, you self absorbed tech bro dumbasses??

eskimofry ,

The answer is that in this context "Economy" means the stock price of billionaires' vested companies, not the prosperity of a common citizen (a.k.a peasant)

MSgtRedFox ,
@MSgtRedFox@infosec.pub avatar

This corporate cycle isn't likely to change anytime soon right?

Top tier corps, boards, Cs, ultimately care about share price and growth right?

Isn't it tied to their pay incentives? To keep their contracts and incentives, they have to grow or reduce costs.

They make bad choices or bets among the way, no problem, just reduce costs and still meet the metrics. Only people who pay seem to be the workforce, right?

Or am I oversimplifying?

derf82 ,

The US Economy is only booming for rich people.

Potatos_are_not_friends ,

The past 40 years have shown me that no matter how well the economy is doing in the news, it doesnt mean shit for most Americans.

Sorgan71 ,

That does not explain it either

derf82 ,

Wealthy shareholders and C-suite executives are trying to squeeze out as much profit as they can. Their boom leads to bust for the rest of us.

Cryophilia ,

Actually the bottom 50% have seen the most wage growth.

derf82 ,

I call bullshit. That is not what anyone sees.

Cryophilia ,

As a result, earnings have outpaced increases in prices such that real wages have increased since before the pandemic. Real weekly earnings for the median worker grew 1.7 percent between 2019 and 2023.[3] This means that one week of pay for the median worker now buys more than a week of pay did in 2019, despite higher prices. Furthermore, as shown in Figure 1, the increases in earnings are by no means concentrated at the top: in fact, they skew toward the middle class and the lower end of the income distribution. The 25th percentile of the wage distribution saw their nominal weekly earnings grow by $143, from $611 in 2019 to $754 in 2023. When adjusted for inflation, this amounts to a 3.2 percent increase in real earnings. Real earnings increases were particularly strong for the median Black and Hispanic Americans, who saw increases of 5.7 and 2.9 percent, respectively.[4]

Data doesn't lie.

I think one problem with the "vibes" everyone is giving here is that most people aren't as poor as they think they are. I suspect a lot of people on this site would not believe that one third of American households make less than $50,000 a year, and 8% of American households make less than $15,000 a year.. If you're making $80k and struggling, it can be tough to hear that "the poor" are doing better because you think you are one of the poor.

Brainsploosh ,

I appreciate a data supported argument, and love that you actually linked sources.

One thing that I feel is missing in most of the linked analyses is that inflation has also hit unevenly, and the price of basic goods has increased significantly more than overall inflation. Which would explain why households still have less disposable income, also the mean debt burden is much higher leading to loan costs being more common.

Cryophilia ,

"Real wages" takes that into account. The term "real" (as in "real wages", "real earnings", etc) means the increase in money minus the increase in inflation.

So for example the top paragraph says there's been a "3.2 increase in real earnings". That means there's been a (pulling numbers out of my ass to illustrate): 7.5% increase in earnings, but also a 4.3% increase in inflation.

Brainsploosh ,

But price increases of cereals ( bread, pasta, grains, etc.) increased by about 7,5 % last year alone, which is more than the inflation, and more than the increase after inflation.

That's where people might complain. They still can't afford food, as food prices increase faster than overall inflation

Cryophilia ,

That's a fair criticism, and the Biden administration is looking into more specific action with regards to grocery stores. More work needs to be done to bring food costs to a reasonable level. I'd also support a revising of the CPI to better account for necessities like food and housing.

derf82 ,

Data can absolutely be misleading. Liars, damn liars, and statisticians, as they say. And trying to produce one number that somehow represents everyone will never work, whatever economists want to think.

The fact is many of the super-poor are doing better because government benefits like social security are indexed to inflation, meaning they are actually keeping up.

Personally, my real earnings are down over $10,000 a year. My whole industry has stagnant wages. Don’t piss on me and tell me it’s raining.

Cryophilia ,

And trying to produce one number that somehow represents everyone will never work

Well it's a good thing no one is attempting that?

Personally

You're an outlier. Understand that you're not the center of the universe, please.

derf82 ,

Well it’s a good thing no one is attempting that?

Oh, what do you call a statement like "The US economy is booming?"

You’re an outlier. Understand that you’re not the center of the universe, please.

Are you going to tell me I am the only one struggling and not seeing wage gains? Do you want to tell me my experience does not matter?

Cryophilia ,

Do you just not understand the concept of other people existing?

derf82 ,

Yes. You apparently do not. So long as some people do good, everyone else that is struggling can fuck themselves, it seems.

Cryophilia ,

So unless a policy helps literally everyone, you're gonna say it's not good enough?

derf82 ,

So as long as a policy helps some people, we don’t have to try and help more?

Cryophilia ,

Who says we're not?

derf82 ,

I see little policy effort besides what was already done. What proposed policies can you inform me of?

Cryophilia ,

I don't really know how to address such a mind-bogglingly stupid comment. You see the policies that exist, but you refuse to believe that any new ones are being proposed?

I'm gonna bet a billion dollars that you have never actually looked for upcoming policies. And now, because you haven't seen them (because you haven't looked), you steadfastly believe they don't exist, and you demand I show them to you? What in the goddamn hell?

You take a room with 10 poor people in it. Joe Biden comes in and says to person #1, here's twenty thousand dollars. Hope that helps. Then he leaves. Then he comes back in and says to person #2, here is twenty thousand dollars. Hope that helps. Then he leaves. Then he comes back in and says to person #3, here is twenty thousand dollars. Hope that helps. Then he leaves. Then you, person #6, get all pissy because clearly he is gone forever and will never give you twenty thousand dollars.

You're like an infant.

derf82 ,

I’ve looked. I’ve seen little. But you don’t seem to have looked, since you are so confident they exist but can’t name one. Instead you just call me names and resort to ad hominem attacks.

You seem to be under the impression I am supporting Trump or something. I despise him and every Republican.

But that doesn’t mean I’m not pissed when I see prices skyrocket while my pay only goes up 2% a year.

Cryophilia ,

Well if you're dumb I'll call ya dumb.

Look, federal negotiations are usually kept quiet until a final deal is announced, but even some basic googling brings up a few examples of stuff that's in the pipeline:

The Biden admin is constantly working towards a variety of legislative deals and policy changes that help all kinds of people.

derf82 ,

I have and will have no children

I’ve been graduated from college for 18 years

I’ve never paid an overdraft fee in my life

I am 24 years from being Medicare eligible

I don’t think I’m that unique. Your below policies will help many, but also will not make a difference for many. Sorry I am not pleased being in a perpetual donut hole. Too poor to be comfortable, yet too “rich” to get help.

Cryophilia ,

I mean, I didn't know any of that about you

derf82 ,

Didn’t say you did.

I just want you to realize there are still a ton of us struggling, regardless of what the official numbers say. For a lot of us, or pay has not caught up with inflation, and there is no sign of it happening soon. Necessities continue to go up faster than inflation. I don’t care that TVs are cheaper, I don’t need a new tv, but I do need to eat.

It is more dangerous this November than people realize.

scarabic ,

Now, I’ve upvoted some of your comments here but I’m gonna stop you on this one. Yeah, the economy should support literally everyone. Yeah, there should be change as long as there’s any poverty. It’s called having a floor and basic human dignity. Does every single policy have to be aimed at the worst off? No. But you came dangerously close here to saying that it doesn’t matter if only some people are suffering.

Cryophilia ,

Well that's fucking dumb. The whole point of what I was saying is that this mythical "make everyone not poor" policy doesn't exist. Different groups require different solutions, and some are more politically tenable than others, and some have unintended effects that result in other groups being worse off.

Demanding every policy help everyone and saying it's useless if it doesn't is more stupid than I know how to put into words.

unreasonabro ,

that's what we're trying to get you to do!

Cryophilia ,

wat

scarabic ,

At this point there are more people trying to reject data based arguments with that cliche than there are people making bogus cases according to it.

Nommer ,

I've been in the 1/3 my whole 36 years I've been alive. To me the economy has failed.

Cryophilia ,

Ah, I see. You are poor, therefore everyone is poor. Makes sense.

Nommer ,

What is it with you people coming here and making the most absurd statements? Seriously fuck off back to Reddit along with your strawmen. You want to know why I'm poor? Graduated high school and studied to be an electrician,then the 2008 housing bubble collapsed so I went back to school to learn IT but nobody wanted a fresh out of high school no experience 20 something year old in an oversaturated market so all I got were shit, low paying jobs for 10 years. Now that I've been trying to learn programming to get out of my current dead end job for the last 18 months and the tech sector is firing off employees left and right. The economy failed. Pull your head out if your ass or stop being a corporatr shill trying to astroturf real problems away.

Cryophilia ,

[Thread, post or comment was deleted by the moderator]

    •
    scarabic ,

    You can say that the economy failed for you. Not that, to you, the whole economy is a failure. That makes no sense.

    scarabic , (edited )

    $80k is a struggle salary where I live but only if you have the ambition to own property and raise multiple kids. The common narrative is that everyone could do that on manual labor wages back in 1950 but that’s definitely bullshit.

    The real travesty is that my kids teachers are pulling down $25k - absolutely ridiculous.

    Not only that: once, I went to take the qualifying exam for California teachers and the room was full of people yammering about that sweet $25k they were about to start making in just two short years when they get their credential. That’s poor.

    unreasonabro ,

    horse shit. if you wanna play the twist the numbers game, do it in an article on your blog. booooring

    Cryophilia ,

    I give data and sources below, but I'm sure that's too booooooooooooring for your tiny little brain.

    linearchaos ,
    @linearchaos@lemmy.world avatar

    I see, you forgot to say Union and corporate soulless husk. They can't be bothered to upvote you on just facts alone.

    The job market is trying to correct but it's going to take a long time.

    After a decent inflation push blue collar wages have to come up or people just starve to death and people aren't very fond of that.

    Honestly some of that lower-end boost is probably work from home bolstering the job market is bringing white collar jobs into areas that are deficient.

    What I haven't figured out yet, as hell New York City and San Francisco haven't managed to completely outsource all their work to Kentucky, Ohio and Tennessee. You should be able to hire developers out of there for less than half the big city rates.

  • All
  • Subscribed
  • Moderated
  • Favorites
  • •
  • technology@lemmy.world
  • incremental_games
  • meta
  • All magazines
    •