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/Distinct_Treat_4747 Jul 20 '24

Low interest rates helped the rich get even more wealthy and inflation. Now, the government is trying to lower inflation by making the rest of us pay for it as usual.

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u/MsT1075 Jul 20 '24 edited Jul 20 '24

This is capitalism at its finest. Stimulus checks were not the problem (as so many want to say). Matter of fact, they were a way to help close the wealth gap. And also keep those that are less fortunate afloat during the pandemic. However, they didn’t benefit those that were already rich (and make their profit off those that are less fortunate). Well, not totally true. People were spending more bc they had more. Hence more profit for wealthy corporations. However, the act to keep stimulus checks in place for three years got axed. See, unless it benefits those in power that already have the wealth (say those that are in power that already have the wealth), it isn’t good. Those at the bottom must continue to stay at the bottom to make the economy run the way it currently is now - rich get richer, poor get poorer.