Even as President Joe Biden runs around the country claiming that Bidenomics is “working” for America, 38 percent of U.S. companies are warning that they are looking to launch mass layoffs this year.
Major U.S. companies began signaling late last year that they were pumping the brakes on their expectations for 2024 and are also looking to shed thousands of workers as Bidenomics continue to batter them.
Layoffs are looming for companies including Nike, toy maker Hasbro, Roku, Amazon, Spotify, and more, according to Forbes.
The outlook for 2024 comes on the tail of a large number of layoffs in 2023, as well. Sixty-five percent of companies had layoffs last year, worker information website Resume Builder reported.
Of those that reported having layoffs last year, 25 percent said they shed 30 percent or more of their workforce.
The site went on to report that this year, 38 percent of companies said they are looking to continue eliminating jobs, with 22 percent forecasting losing at least 30 percent of their workers, putting Americans further behind the eight ball.
An even larger number, 52 percent, said that they are likely putting a hiring freeze in place and won’t be expanding at all this year.
Mid-sized companies seem to be most at risk, the site found, but all sectors said layoffs are looming.
“Business leaders at midsize companies (101 to 1,000 employees) are most likely to believe they will have layoffs (42 percent). In small companies with 100 or fewer employees, 28 percent of business leaders believe their organizations will have layoffs. At large companies (over 1,000 employees), 39 percent believe they will have layoffs,” Resume Builder reported.
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“Especially for small businesses, there are some tried and true methods in regard to avoiding layoffs,” said Home Grounds founder and CEO Alex Mastin. “It really does begin with thinking outside the box and generating new ideas for revenue, marketing, and reducing overhead costs. For businesses of any size, it may also be helpful to expand job roles for single employees to reduce staffing amounts (and additional salaries). Workers can also make themselves an asset to their company through a willingness to train on multiple functions.”
The top two reasons that companies are looking to eliminate workers is due to Biden’s flagging economy.
Nearly 70 percent said they are about to initiate layoffs because they need to reduce costs. And 51 percent said they are anticipating a recession.
Other reasons for the layoffs include the need to increase profits (42 percent), the drive to replace human workers with AI (39 percent) and going out of business (10 percent).
This news comes after several very bad years for brick-and-mortar retailers, which have been closing stores are a rapid pace.
Nearly 3,500 retail outlets were closed in 2023, according to Talk Business & Politics.
But the pain will continue for several more years.
UBS equity analyst Michael Lasser said that there will be a tremendous loss of nearly 50,000 retail stores by 2028.
Walmart has been a leading indicator because instead of opening new locations, the company has put resources towards enlarging and remodeling existing locations. Indeed, Walmart shut down 22 locations in 2023.
Meanwhile, the buying power of American’s dollars was slashed last year as salaries fell and failed to keep up with inflation, and even homelessness saw the biggest spike in the history of efforts to amass that data.
Far from Slow Joe Biden’s proclamation that Bidenomics is working, his economic policies are still putting serious negative pressures on the business community and devastating American workers.
