Staff Reports
As President Joe Biden continues to tout the supposed success of his economic policies, a new report reveals that 38 percent of U.S. companies are planning to carry out mass layoffs this year. The effects of Bidenomics are hitting major companies hard, causing them to scale back their expectations for the future and shed thousands of workers.
Bidenomics: Whopping 38% of Companies Say They're Likely to Have Layoffs in 2024 Due to 4 Reasons, Survey Shows
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Forbes reports that companies such as Nike, Hasbro, Roku, Amazon, and Spotify are all preparing for layoffs. This bleak outlook comes on the heels of a year filled with job cuts in 2023. According to Resume Builder, 65 percent of companies had layoffs last year, with a quarter of them saying they let go of 30 percent or more of their workforce.
Unfortunately, the situation is not expected to improve. This year, 38 percent of companies are planning to continue eliminating jobs, with 22 percent projecting a loss of at least 30 percent of their workers. Additionally, over half of the companies surveyed said they are implementing a hiring freeze and will not be expanding their workforce at all.
While all sectors are feeling the impact, mid-sized companies appear to be especially vulnerable. The survey found that 42 percent of business leaders in mid-sized companies anticipate layoffs, compared to 28 percent in small companies and 39 percent in large companies.
The top reasons cited for the layoffs are the flagging economy under Biden’s policies and the anticipation of a recession. Nearly 70 percent of companies said they need to reduce costs, while 51 percent are preparing for a potential economic downturn. Other factors include the desire to increase profits, the push to replace human workers with artificial intelligence, and some businesses even facing closure.
This news is particularly disheartening considering the recent struggles of brick-and-mortar retailers. Thousands of retail outlets closed in 2023, and experts predict that nearly 50,000 retail stores will be lost by 2028.
Overall, Bidenomics is having a detrimental impact on the business community and American workers. Despite President Biden’s claims that his policies are working, the reality is that companies are facing significant challenges and workers are suffering the consequences. It’s clear that the negative pressures of Bidenomics continue to destabilize the economy and leave Americans worse off.
