Biden’s economy: After two years of Democratic economic policies, major companies continue to shed employees

The economy created by former President Donald Trump and, with some minor assistance, a GOP-controlled Congress (when the establishment RINOs weren’t fighting him as hard as Democrats) was top-notch, growing, and working for the vast majority of Americans.

Then, along came February 2020, a presidential election year, and a Chinese-created virus that created a global pandemic that led Trump to agree to a ‘shutdown policy’ that essentially killed the economy he built. He tried to encourage states to quickly reopen in order to put the multitudes of Americans who had been furloughed due to business and factory closures back to work, but he was resisted by some of the most populous states because they are run by Democrats and they sought to sabotage his reelection chances.

After the Democrat-aligned deep state managed to foist Joe Biden on the country, many expected that Democrats would reimpose many of Trump’s policies because a) they knew how successful he was; and b) they were now in charge and politically speaking, it would look better for them if they improved the economy.

But they didn’t. Instead, the congressional Democratic majority went on a spending binge, flooding an economy suffering from massive pandemic-induced shortages with trillions of dollars, creating the perfect storm for inflation. And now, after more than a year of record-high prices, the Federal Reserve had no choice but to step in and start dramatically boosting interest rates, which, in turn, has negatively impacted several sectors of the economy, which has led to mass layoffs in some of the country’s leading companies, with more on the way — even as the Biden regime lies and says that employment is at a high point.

According to the Economic Collapse Blog:

We were told that the U.S. economy somehow added 256,000 jobs in November even though Challenger, Gray & Christmas determined that the number of layoffs in November 2022 was actually 417 percent higher than it was during the same month a year earlier.  And even though the tsunami of layoffs continued in December, the Bureau of Labor Statistics is telling us that the U.S. economy somehow added 223,000 jobs last month.  It is almost as if there is a certain number that the BLS refuses to go below. 

For each of the last five months, the number of jobs that the U.S. has “added” has miraculously come in between 200,000 and 300,000 each time.  But meanwhile, large companies all over America have been laying off workers at a staggering rate. Unfortunately, the pace of layoffs seems to be picking up speed during the early days of 2023. 

According to the report, here are some of the companies that have experienced the most layoffs thus far:

— Salesforce: The company has let go roughly 10 percent of its entire workforce. In addition, according to reports, the company will shed some of its real estate and cut down on current office space, according to a filing with the Securities and Exchange Commission, in order to reduce operating costs.

— Vimeo: The video platform recently launched another round of layoffs that will eventually see the company shed around 11 percent of its current staff.

— StitchFix: This order-by-mail clothing company is preparing to layoff around 20 percent of its current workforce as sales continue to plummet and more Americans go back to shopping for clothes in person. The company’s CEO is also stepping down.

— Silvergate Capital: The financial firm will let around 40 percent of its entire workforce go over the coming weeks and months, reports noted.

— Biocept: “Liquid biopsy firm Biocept said Friday that it is exploring strategic alternatives to enhance shareholder value, and has engaged EF Hutton, a division of Benchmark Investments, as its financial adviser,” noted a report, adding that around 35 percent of workers will be dismissed.

Amazon is also reducing its workforce by around 18,000, much more than originally announced.

Sources include:

TheEconomicCollapseBlog.com

CBSNews.com