Bidenomics keeps delivering more blows to the United States economy as more layoffs loom

Photo by Gage Skidmore, CC BY-SA 2.0, via Flickr, https://creativecommons.org/licenses/by-sa/2.0/

Joe Biden keeps telling Americans that his “Bidenomics” plan is working, and other officials continue the lie that the country is seeing an economic “soft landing.”

But most Americans can look at their own bottom line and know that it is just a big fat lie.

But these pending layoffs in the first few weeks of 2024 will make the media’s lies about Bidenomics very clear.

Layoffs are here, with more on the way

The cost of housing, fuel, and other everyday essentials like groceries are still sky-high.

And now, more companies are announcing job cuts that will have a severe impact on thousands, if not millions, of hard-working Americans.

One recent survey found that nearly 40% of U.S. companies say they’ll likely conduct layoffs sometime in 2024.

Many of those layoffs have already started, with major corporations leading the charge.

One of the nation’s largest banks, Citigroup, has said it will slash 20,000 jobs, which will bring its expenses down by $2-2.5 billion, according to a company spokesperson.

Even major news networks like NBC News have laid off several dozen staffers, and it’s just the latest of dozens of media companies laying off workers already this year.

A source familiar with the situation at NBC said employees would get severance packages and were given 60 days’ notice.

Another massive media corporation, Universal Music Group, is gearing up to cut “hundreds” of jobs in the first quarter of 2024.

Its recorded music division is likely to be the hardest-hit department, despite being the home of pop star Taylor Swift.

Aside from banks and media companies, the major corporation Xerox also plans to reduce its workforce by another 15% as part of a strategy to “implement a new organizational structure and operating model.”

According to an SEC filing, the company had about 20,500 employees as of December 31, 2022, and based on that number, the new round of layoffs will affect approximately 3,075 employees.

Automaker Stellantis has announced that over 500 of its employees across the nation will be “permanently separated” from the company after it evaluated manufacturing operations.

Just the tip of the iceberg

These layoffs are just the tip of a much larger job-slashing iceberg.

MeridianLink, a software company that sells software to regional banks and credit unions, is laying off 9% of its staff after a 69% drop in operating income during the first nine months of 2023.

The popular live-streaming platform Twitch said it will be laying off over a third, or 35%, of its entire workforce, which the company announced in a recent blog post. 

Even tech leviathan Google is cutting several hundred jobs across the company starting this year, mainly within its hardware and central engineering teams as well as those who work on its Google Assistant service.

The NFL isn’t spared either, as the sports organization recently offered buyouts to approximately 200 of its 1,100-person staff, according to CNBC.

These are just some of many examples as the hits keep on coming, while Joe Biden keeps feeding the American people lies about his failing Bidenomics plan.

Informed American will keep you up-to-date on any developments to this ongoing story.