Big Tech workers could soon be longing for the days of the dot com bubble bust

For years, many Big Tech employees have enjoyed fat paychecks while thumbing their noses at blue-collar American workers. 

But the tables are starting to turn. 

Many of those same employees could soon be begging for jobs as a repeat of the dot com bubble bust may soon be on the horizon. 

Biden’s failing economy 

Despite virtually every indicator saying otherwise, President Joe Biden keeps insisting Americans have never lived through such a great economy. 

The one thing President Biden has going for him is low unemployment rates – but unemployment is a lagging indicator. 

The current unemployment rate is at a very deceiving 3.7%. 

Deceiving because the labor force participation rate is a disappointing 62%. 

But if the current trend in one sector is any indication, the 0.2-point month-to-month unemployment spike the White House recently announced may be just a harbinger of things to come.  

Is history repeating itself?

With the NASDAQ continuing to struggle under Biden, the Q4 layoff numbers for Big Tech are expected to continue rising. 

Some might say winter is coming for Big Tech again. 

Back in 2000-2001, roughly 107,000 tech workers lost their jobs. 

That was what is known as the dot com bubble bust – when Silicon Valley startups were closing one after another. 

Since the recovery of the dot com crash, Big Tech has not experienced a house cleaning like its experiencing in 2022. 

Winter is coming for Big Tech 

Hiring freezes and mass layoffs are hitting all of Big Tech, seemingly leaving no company safe. 

Mark Zuckerberg’s Meta recently sent 13% of its staff packing. 

Elon Musk has caught endless flack on the platform he now owns for announcing he could be firing half Twitter’s workforce. 

Investing platform Robinhood is saying goodbye to nearly a third of its employees, Intel and SnapChat are laying off 20% each, while Stripe and Lyft are jettisoning 13% of their respective staff. 

Amazon recently announced 10,000 layoffs, Salesforce another 2,000, and a high-profile 450 at Netflix. 

But that’s not all, tech companies from Microsoft to Oracle to Booking.com are all trimming their workforce fat. 

In all, this year, 815 different tech companies have cut ties with nearly 130,000 employees. 

These numbers come from verified Twitter user, Deedy, who has expertise in the field, has been tracking the data and whose stats have been used by Bloomberg, the New York Times, the San Francisco Business Times and TechCrunch, to name a few. 

And this is just the start. 

There are many reasons. 

Some of the reasons are political. 

Some tech companies have lost huge customer bases by going along with the woke agenda. 

Others massively overpaid to bring in and retain new talent during the pandemic’s “great resignation,” movement. 

Production from many of those workers are not matching the high price tag, and many of them are simply unnecessary – a simple truth of the Left’s cancel culture censorship and drive for overpaid woke positions is that they’re all make-work.

People have realized that a correction is being made. 

And then there’s the Biden Economy. 

Not even Big Tech is immune to runaway inflation, a failing stock market, low labor force participation rates, skyrocketing interest rates, and a recession. 

And in the era when the Federal Reserve has pulled the plug on “cheap” money, the fat has to be cut.

It may be a long winter for Big Tech employees as many of the authoritarian leftists in Big Tech under Twitter’s new owner. 

Stay tuned to Unmuzzled News for any updates to this ongoing story.

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