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Verizon says to shed 10,400 jobs by mid next year

reuters.com

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Re: Verizon says to shed 10,400 jobs by mid next year

#111

Post by sonnyblarney »

toomuchtodo wrote: post #95
jayess wrote: post #77

Earlier quoted context omitted.

Full-time employment is up by 2.7 million since the tax cuts went into effect. Michigan's unemployment is the lowest it's been since records have been kept: https://www.michigancapitolconfidential.com/21325

Correlation does not imply causation. Can you provide evidence tax cuts stoked existing economic momentum? Or is the economy on fire despite these tax cuts? Stock buybacks [1] done with these tax cuts, enriching shareholders, does little to stoke economic demand or benefit the middle class [2]. More likely, cheap, loose credit is what has allowed the music to carry on. [1] https://money.cnn.com/2018/07/10/investing/s…

"Stock buybacks done with these tax cuts, enriching shareholders, does little to stoke economic demand."

Stock buybacks don't 'enrich' anyone. Money that is owned by investors goes from 'inside the company' to 'outside' and it 's superficially a net neutral transaction.

What those buy backs do do however is free up capital to be used in more intelligent ways than can be used by the single entity, in this case Verizon, who may not have any great ways to invest it.

Tax cuts probably have not directly affected companies just yet, but the signalling value of it, and that Trump is believed to be a 'pro business' guy (minus trade wars) is at least partly buyoing the economy by providing a dose of faith.

Though stocks are staggering a little because there's fear of no more upside ... there's no real fear yet as no reason for anything to burst. Though a major China trade war - or - a serious setback in China could make a serious correction.

Re: Verizon says to shed 10,400 jobs by mid next year

#112

Post by qaq »

dd36 wrote: post #86
qaq wrote: post #54

Earlier quoted context omitted.

Here you go those greedy shareholders: Vanguard Group, Inc. 7.26% Blackrock Inc. 6.54% State Street Corporation 3.83% Capital Research Global Investors 2.92% Wellington Management Company, LLP 2.80% oh wait thats actually your retirement money

That's a red herring. We could cut taxes to zero and your investments may go up a little temporarily but it would be catastrophic in medium-to-long term as the dollar collapses and Americans go through a depression and likely a war.

Would you outline how making corp tax to 0 "would be catastrophic in medium-to-long term as the dollar collapses and Americans go through a depression and likely a war"?

Re: Verizon says to shed 10,400 jobs by mid next year

#113

Post by padseeker »

jayess wrote: post #98
toomuchtodo wrote: post #95

Earlier quoted context omitted.

Correlation does not imply causation. Can you provide evidence tax cuts stoked existing economic momentum? Or is the economy on fire despite these tax cuts? Stock buybacks [1] done with these tax cuts, enriching shareholders, does little to stoke economic demand or benefit the middle class [2]. More likely, cheap, loose credit is what has allowed the music to carry on. [1] https://money.cnn.com/2018/07/10/investing/s…

Why aren't you asking this of all the comments in this parent? People seem to be blaming Verizon cutting 10,000 jobs on the tax cuts. Or claiming that jobs weren't created. Or that somehow the tax cuts were an economic negative. None of those things can be attributed to causation.

People seem to be blaming Verizon cutting 10,000 jobs on the tax cuts

At no point was that ever insinuated. The simple idea is that the tax cuts were sold as a way to give companies financial resources to boost salaries and hire new people. Well they got their tax cuts, why are they doing the opposite of what the tax cuts were supposed to do?

Maybe it's because the tax cuts were never going to boost salaries and increase hiring. You have to be pretty deluded to come to the conclusion my comment was blaming the layoffs on the tax cuts.

Re: Verizon says to shed 10,400 jobs by mid next year

#114

Post by couchdive »

sct202 wrote: post #10

I read on the Layoff they had about 11.4k applicants, and 90% of them were accepted. Looks like the first wave is out starting Dec 28th. With such a large cut it would be weird to be rejected, I would feel an awkward mix of jealousy and loss to go back to work afterwards.

An acquantance was offered this. he was offered 2 years salery upfront. after the end date, it reverts back to 1 year salary.

Re: Verizon says to shed 10,400 jobs by mid next year

#115

Post by tootahe45 »

dd36 wrote: post #75
AlexTWithBeard wrote: post #61

Earlier quoted context omitted.

Did you expect zero layoffs across the United States for the next ten years after the tax cuts?

Tax cuts aren't even a year old and were sold on the premise of job growth.

Which is being achieved if you look at the overall numbers. One company doesn't represent total job growth. If GM fails and Tesla takes its place will you blame that on Trump too?

Re: Verizon says to shed 10,400 jobs by mid next year

#116

Post by UnpossibleJim »

sct202 wrote: post #10

I read on the Layoff they had about 11.4k applicants, and 90% of them were accepted. Looks like the first wave is out starting Dec 28th. With such a large cut it would be weird to be rejected, I would feel an awkward mix of jealousy and loss to go back to work afterwards.

With those kind of hiring numbers and lay offs, it seems to me that they had senior employees train younger, less expensive (in salary and medical cost) replacements and then lay off the older, more expensive workers. Less vacation time, less pay, less family headache, less everything. It's a win/win for Verizon. It's been done time and time again. I'm not sure why everyone's arguing Repubs and Dems above, other than they just like to do it =/. They do this stuff in blue and red states. They do it here in WA, just like they did it in NC when I lived there, too. It sucked every time they did it and every where they did it.

Re: Verizon says to shed 10,400 jobs by mid next year

#117

Post by aswanson »

2bitencryption wrote: post #47

> The New York-based company has been looking at cutting costs as it ramps up investment in its next generation 5G network, which is expected to fuel growth. "we're about to grow a ton, better cut 10k jobs to maximize those gains." that just sounds so... weird to me.

The need to hire a UI team for their tv gui. Comcast, of all companies, has out-innovated them in this area.

Re: Verizon says to shed 10,400 jobs by mid next year

#118

Post by alexandercrohde »

josho wrote: post #71
padseeker wrote: post #63

Earlier quoted context omitted.

They understand good god damn well they don't work. This is exactly the plan. Sell people on the idea it'll help them, then these companies take the money and run. What amazes me is some working people will continue to vote this way even though it keeps failing. I guarantee there will be more tax cuts sold in the very near future, and the same people will buy into it. Some people never learn.

> Some people never learn It's hard to learn when your sole source of news is Fox News. It's not even that Fox News is an outlier, the fault is ad supported news media. What do you think will happen when a politician comes along that threatens the million dollar ad accounts from finance and health industries through policies that reduce those institutions influence? Chomsky was right (see https://en.wikipedia.org/wik…

I would bet if you actually look another layer deep you'd find out it has nothing to do with "the media," ad-supported or not. I think you'd find a lot of people have little use for (and little interest in) the truth, and therefore voluntarily seek out a fun us-vs-them worldview with a group to hate (on both sides).

Re: Verizon says to shed 10,400 jobs by mid next year

#119

Post by ilikehurdles »

ahallock wrote: post #110
padseeker wrote: post #30

I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got....

Sounds like empty political rhetoric and speculation. FTA: Verizon is "cutting costs as it ramps up investment in its next generation 5G network" Maybe that will mean future jobs in other areas. Maybe the people they're buying equipment from/contracting to will add more jobs. The bottom line is how do you really know?

Maybe they’ve discovered a unicorn. Maybe they have a fusion powered internet. How do you really know? Bottom line is we know labor is getting screwed. The rest is marketing.

Re: Verizon says to shed 10,400 jobs by mid next year

#120

Post by TangoTrotFox »

mbreese wrote: post #104
TangoTrotFox wrote: post #87

Earlier quoted context omitted.

The article's headline and its content paint different pictures, with the title really just being clickbait. They're not laying off individuals but paying them to leave including upwards of a year of salary, a bonus, and maintaining benefits. And it was voluntary -- not 'pink slipping.' I don't really think you can attribute this to the tax breaks, but if you can - then this would be an immense positive. Employee tur…

If they don’t get enough employees to voluntarily leave, you can be sure that there will be forced layoffs (with probably worse terms). Imagine you’re a 50 year old employee with a kid in college. Would you be thrilled to accept a year of salary with limited job prospects? What jobs do you think will be the first to be cut? Don’t try to sugar coat it - when there are lay-offs (voluntarily or not), it’s rarely a posit…

Here's a more reasonable question. If you ask 10,000 random workers from various tech companies if they'd be willing to leave in exchange for more than a year of salary, + benefits, + a bonus. What percent would say yes? We can only imagine, but it's going to be huge.

If you don't want to leave, don't apply. And on that note - yeah people did have to apply, and some were rejected.

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