How much have tech layoffs affected engineers vs. other departments?

The Fed has been pushing ultra-low interest rates for a long time, which has gotten businesses to borrow tons of money and expand in ways that they never could have done organically. At the same time, the combination of COVID and the supply chain shortage caused prices to spike. Unemployment is near an all-time low: easy money has made it easy to expand companies. Companies have decided to fight against lowering their prices tooth and nail regardless of how much less it now costs to ship product. At the same time, boomers are cycling out of the job market and none of the subsequent generations have enough population to replace them all.

Remember the press releases that stated that Biden intended to hire 80K new IRS workers over the next 10 years? The IRS is predicted to lose 50K workers over the next 5 years due to retirements.

Most companies have refused to invest in employees and refuse to have sensible plans to reward employees for their allegiance. The easiest and most painless way for most employees to get the pay raise they deserve is to find another job. Most employees realize that they have options and are willing to take the right job rather than the first job.

And since spending habits usually don't change if you're making more money, most people have more money to spend and companies are willing to get their piece of that pie. Combine that with OPEC cutting production and the war in Ukraine, and we've now got relatively high inflation. The inflation is real. The fed rate hikes are artificial. We've needed a serious upward adjustment in wages for quite some time, at least until people stop pretending that government is the root of all evil and there's a place for a conversation about how much housing costs.

They believe the error bar on that inflation number must be pretty wide, presumably.

No need for those positions if you're just trying to keep the lights on

Bro, what you are not understanding is that equating a recession to a decrease in production is pointless. It’s why you won’t answer my C+I+G question.

What is happening is that Americans are selling debt/assets in exchange for goods/services (that’s what a trade imbalance is). They are still able to consume and invest an increasing amount of goods/services and there’s no signs of that ability to finance those activities via trade imbalance decreasing any time soon. In fact, the reason GDP went down without C+I+G going down is that they did more of it than ever before!

So keep calling me D-K but you have no idea what GDP even represents (production is not the economy my guy, trade imbalances have an impact).

Like you get that assets/capital formation aren’t in GDP but you can still sell them, right?

And that’s why

> Wrong, GDP declined because domestic spending and/or investment and/or exports declined.

Is incorrect.

None of those things declined, we just financed them with a trade imbalance (instead of production) which is why you should google FDI

EDIT: Lets just put this to rest and answer me this question. Imagine a world where tomorrow, China is willing to sell America everything it wants in exchange for shares of BigCo. (To be clear, the flow is dollars used to purchase RMB, RMB used to purchase goods/services, RMB used to purchase dollars, dollars used to purchase shares of BigCo.)

America takes them up on this deal and increases consumption by 5x overnight. Given that America is importing all its goods/services, it has a GDP of zero, a 100% decline.

Is that a good measure of an economy increasing its consumption of goods/services from $20tn to $100tn, or is the trade imbalance hiding something important there?

Which again, my original point: sure GDP is down, but that reflects trade financing more than it does economic activity (whereas you seem to have this weird fixation of in-quarter production being the only source of value creation in an economy, which lol D-K)

I think i ended our conversation with “agree to disagree” then you came over here.

So yeah you’re right I can’t give it a rest.

But I don’t know why citing BEA releases is considered politics.

Like I get it, you don’t like Biden, neither do I!

But it’s just so weird that people want to pin this fake recession on him, when in reality they should pin other real shit he did like the crypto bubble from stimulus payments or the inflation that followed.

My problem with you isn’t your politics. My problem is that you’re hungry for an easy answer to the detriment of accuracy.