Looks like Big Tech just (unwittingly) called President Biden’s bluff regarding the American economy.
Biden can bray all he wants about the alleged “strength” of the American economy, but he isn’t going to change reality.
Too bad the rest of the Biden administration also refuses to engage with reality, notably White House Chief of Staff Ron Klain, who recently proclaimed that the United States is not in a recession.
“We are not in a recession. I want to be really, really clear on that,” Carr boomed.
The only thing Carr was “really, really clear” on was his abject refusal to acknowledge the realities facing the vast majority of Americans today.
After all, the Biden administration has been relying on one metric, and one metric only, with regards to the economy: alleged job growth.
Never mind skyrocketing inflation, a tanking stock market, and rapidly rising interest rates.
And, as it turns out, the Biden administration’s over-reliance on alleged “job growth” is set to meet a rapid demise, given that even Big Tech has commenced big layoffs, in spite of the industry’s best efforts to manipulate elections in favor of Democrat candidates.
Amazon comprises one of the most prominent names to join the layoffs in the past few days, laying off more than 10,000 workers, with more layoffs expected in 2023.
Another round of recent layoffs includes terminations at Stripe, and CEO Patrick Collison did not mince words regarding economic “realities” that the Biden administration refuses to acknowledge.
“Our business is fundamentally well-positioned to weather harsh circumstances. We provide an important foundation to our customers and Stripe is not a discretionary service that customers turn off if budget is squeezed. However, we do need to match the pace of our investments with the realities around us,” Collison detailed.
Now if only the White House would get on board with such “realities.”
Lyft CEO Logan Green and Lyft President John Zimmer also indicated an array of layoffs on the horizon, point blank stating that the economy is set to fall into a recession.
“There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up. We worked hard to bring down costs this summer: we slowed, then froze hiring; cut spending; and paused less-critical initiatives. Still, Lyft has to become leaner, which requires us to part with incredible team members,” the executives detailed.
Microsoft is another giant that has commenced either hiring freezes of layoffs, commenting upon the company’s “structural adjustments” in a statement to Axios.
“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead,” Microsoft detailed.
Facebook has also launched several “quiet layoffs,” which is quite ironic given that Facebook bears huge responsibility for the outcome of 2020.
An outcome that resulted in Biden assuming power and Beijing-owned mobile apps, such as TikTok, to thrive.
Trump, for the record, initiated a ban on TikTok, which Biden promptly rescinded.
TikTok is now cited as the top threat to Facebook, and one can only hope Zuckerberg got a bit of a clue after being hit with multiple billions in losses from a platform that would have been banned under Trump.
“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg drawled.
Let’s hope Mr. Zuckerberg starts thinking about many things more “conservatively,” especially since his wealth has massively plummeted after his buddy Biden took over the nation.
To be fair, Big Tech likely offered far too many sinecures for venture capitalists’ liking, anyway, especially when accounting for all the woke snowflakes that bring virtually nothing but whining to the table.
Altimeter Capital Management CEO Brad Gerstner, for instance, shredded the general incompetence of Big Tech dinosaurs that have clearly focused more on bureaucracy that innovation over the past several years.
“It is a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people,” Gerstner asserted.
Meanwhile, consumers continue to indicate imminent recession on the horizon, which is especially clear when evaluating the remarks of National Retail Federation CEO Matthew Shay.
“While consumers are feeling the pressure of inflation and higher prices, and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce,” Shay asserted.
However, in spite of being “resilient,” it is clear that numerous households will feel the pinch of inflation heading into the winter months, especially when accounting for rapidly escalating energy costs.
“In the face of these challenges, many households will supplement spending with savings and credit to provide a cushion and result in a positive holiday season,” Shay added.
In other words, consumers may eat away at their savings in spite of record high interest rates, eliminating the “cushion” that may serve as protection during an even harsher 2023.
However, the year 2023 may be a bit rosier if the prediction of podcaster Joe Rogan becomes true.
“The red wave that’s coming is going to be like the elevator doors opening up in ‘The Shining,’” Rogan drawled, in reference to the film adapted from Stephen King’s famous work.
Considering the antipathy of King towards Republicans, in particular Trump, Rogan’s remark is deliciously ironic.
Author: Jane Jones
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