Verizon says to shed 10,400 jobs by mid next year • Hacker News Board

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

#151

Post by padseeker » Mon, Dec 10, 2018, 6:48 PM UTC

twblalock wrote: post #126

padseeker wrote: post #113

Earlier quoted context omitted.

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 incr…

> At no point was that ever insinuated. This is the parent comment, in its entirety: > I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got.... If that doesn't count as insinuation, then nothing does.

The prescribed solution to this problem was tax cuts.

So if you still having large scale layoffs then it appears that maybe the SOLUTION is not quite solving the PROBLEM.

Instead I need to engage in this stupidity. This is like someone getting cancer, and someone prescribes snake oil solution, and I'm saying the snake oil doesn't work.

And instead some of you at the bottom of this thread are saying I'm blaming the cancer is due to the snake oil. How long do we need to do this stupid song and dance.

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

#152

Post by padseeker » Mon, Dec 10, 2018, 6:48 PM UTC

darawk wrote: post #133

padseeker wrote: post #113

Earlier quoted context omitted.

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 incr…

> At no point was that ever insinuated Are you serious man? Why be so dishonest? It's clear as day that that's what you were insinuating. Why lie like this?

The point is so simple and straight forward I question your ability to carry on this conversation. It is bloody obvious what I'm trying to say.

The idea is that we have a problem, a stagnating economy, lack of jobs and stagnating wages.

The prescribed solution to this problem was tax cuts.

So if you still having large scale layoffs then it appears that maybe the SOLUTION is not quite solving the PROBLEM.

Instead I need to engage in this stupidity. This is like someone getting cancer, and someone prescribes snake oil solition, and I'm saying the snake oil doesn't work.

And instead some of you at the bottom of this thread are saying I'm blaming the cancer is due to the snake oil. How long do we need to do this stupid song and dance.

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

#153

Post by bduerst » Mon, Dec 10, 2018, 6:49 PM UTC

jayess wrote: post #77

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....

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

Unemployment rates have been hitting lows ever since the recession: https://www.bls.gov/opub/ted/2018/unemployment-rate-rose-to-...

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

#154

Post by e40 » Mon, Dec 10, 2018, 6:49 PM UTC

dfxm12 wrote: post #72

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 company is laying off 10,400 employees. According to the article: The company said it had 152,300 employees at the end of the third-quarter ending Sept. 30. That's a significant chunk of their workforce! I suspect Verizon will quietly be hiring thousands of people from places where they can legally pay them less than these 10+ thousand.

Contractors. With crappy benefits and less oversight. As long as terrible employment practices are "out of sight and mind" then it's OK for Verizon's board and management. Bonuses all around for getting the job done for cheaper!!

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

#155

Post by dd36 » Mon, Dec 10, 2018, 6:50 PM UTC

jayess wrote: post #142

dd36 wrote: post #127

Earlier quoted context omitted.

Two companies in two weeks have announced 10,000+ layoffs. Rumor is Ford is about to as well.

So what? Far more new jobs than that have been created.

Announcing huge layoffs is not a positive market indicator. Similar to inverted yields, massive market drops or VIX growth, it is indicative of a wind shift.

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

#156

Post by bduerst » Mon, Dec 10, 2018, 6:50 PM UTC

jayess wrote: post #107

dd36 wrote: post #75

Earlier quoted context omitted.

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

Are you claiming that there hasn't been any job growth since January 1?

Outside of the normal trend, yeah. There isn't much growth difference than pre-tax treatment.

The national deficit is the highest it's been since the recession though, and growing faster than before.

At least during the recession when our tax money was given to corporations, there were strings attached. Now it's all stock buybacks to fight the shrinking market, brought on by the stupid trade war.

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

#157

Post by root_axis » Mon, Dec 10, 2018, 6:52 PM UTC

TheSpiceIsLife wrote: post #144

root_axis wrote: post #122

Earlier quoted context omitted.

Politically, I agree with you, but your comment is akin to when republicans blast global warming when a snow storm blows in. Pointing to a single data point as a summary of something super complex is always silly.

Are Republics a homogenous whole, none of whom take climate change seriously?

Of course not, but invoking cold weather as a way of casting doubt on global warming is not a popular rhetorical tactic except among American conservatives (republicans).

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

#158

Post by root_axis » Mon, Dec 10, 2018, 6:54 PM UTC

jayess wrote: post #146

TheSpiceIsLife wrote: post #144

Earlier quoted context omitted.

Are Republics a homogenous whole, none of whom take climate change seriously?

Today, everyone is in a group, and if that group is not your group, the other group is bad.

Today? Did you mean literally the entire history of humanity?

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

#159

Post by dd36 » Mon, Dec 10, 2018, 6:55 PM UTC

qaq wrote: post #148

dd36 wrote: post #143

Earlier quoted context omitted.

A $350 billion annual increase in debt would result in default.

you do realize that money will become someone's income and still will result in tax payments?

Huh? The federal government has current expenses. It needs sufficient income to cover those expenses. Cutting income without cutting expenses is incompetence. Indeed, it should be illegal. Want to cut taxes? Cut spending at the same time or pound sand.

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

#160

Post by bduerst » Mon, Dec 10, 2018, 6:59 PM UTC

dd36 wrote: post #96

Alex3917 wrote: post #66

Earlier quoted context omitted.

> "we're about to grow a ton, better cut 10k jobs to maximize those gains." It makes perfect sense. T-Mobile basically bought up all the spectrum in the last round of bidding because they got a $4B breakup fee from AT&T as part of AT&T's failed acquisition. That has put all the other U.S. carriers on the defensive, because if they can't win a significant percentage of the 5G spectrum then they're going to be out of b…

Wait, Verizon doesn't have access to $4B? Verizon surely has significantly more net income than Tmobile. And therefore also has access to more leverage. $4B would not make that big of a difference.

Verizon makes about $4 B in quarterly net income, but they only have about $2 B cash on hand and have investors who expect a $2.4 B dividend each quarter.

So yeah, this is a hard purchase for them, especially since they also have $209 B in liabilities already.