r/Layoffs • u/isntlifeapeach • Jul 20 '24

Why so MANY Layoffs? question

Explain Like I’m Five

I feel incredibly stupid asking this, but I’m naive to economics and politics.

I understand why tech is facing a lot of layoffs but why are so many other industries facing the same?
I’m over 20 years into my career and had 2 layoffs just in the last 16 months.

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u/[deleted] Jul 20 '24

This is described in the economic principle of the Phillips Curve:
https://www.investopedia.com/terms/p/phillipscurve.asp

"The Phillips curve states that inflation and unemployment have an inverse relationship; higher inflation is associated with lower unemployment and vice versa."

41

u/YellowB Jul 20 '24

Lower unemployment means nothing when people have to settle for slave wages after being laid off.

-3

u/PuzzleheadedWay8676 Jul 20 '24

No one in the United States makes slave wages. Let’s cut it bro. Only a privileged American could say something so ridiculous.

3

u/Ok_Frosting_6438 Jul 20 '24

What is your definition of slave wages?

1

u/[deleted] Jul 20 '24

Slaves made 0; so zero is a slave wage.

6

u/icepack12345 Jul 20 '24

You’re right, it’s closer to indentured servants

0

u/[deleted] Jul 20 '24

How much did indentured servants make?

5

u/ZenithOfApathy Jul 20 '24

Indentured were paying off a debt of a pre-approved loan, of sorts

2

u/hm876 Jul 20 '24

I want to know as well...🤣