11 Nov “fear of layoffs”
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‘The era of “do nothing, the boss can’t fire me” is over’ says Ivy League professor Jeremy Siegel, as workers face down fear of layoffs
–https://finance.yahoo.com/news/era-nothing-boss-t-fire-120236840.html
Remember the 5000 times I dropped this?
–https://theintercept.com/2022/07/29/bank-of-america-worker-conditions-worse/
When the Great Resignation actually was going strong and people could quit one job and find a new one fast, Corpo America and the fat cats were biding their time. They knew their moment in the sun would return.
Not so long ago economists were largely convinced employees were the most powerful players in the labor market.
-Yahoo Finance, Ibid.
Yeah . . . listen to “economists” at your own risk.
He’s an economics professor. He understands the economy and the future of work more than most people out there. Why? Because he’s an economist? I’ve told you before, in my opinion, some of y’all are going to listen to these economists and follow them right off a damn cliff. You’re gonna listen to them like the Pied Piper of Hamelin and go right off a cliff. You can buy an economist to say anything. Yeah, I said it. I’ll put it out there. There are plenty of these so-called journalists and so-called experts and so-called economists out in the media that can get paid to say anything. You wave enough money or you give enough leverage, enough incentive to somebody, and you tell them, “This is the narrative we’re pushing. Are you going to go along to get along or are you going to be a problem, pal?” And watch how quickly they fall in step. This is the world we live in. I’m sorry if that is really offensive to you. Frankly, it should be offensive to you because the system is rigged.
-“Telemigration,” Bad Journalism, and Scare Tactics https://www.buzzsprout.com/1125110/12752459
According to Professor Jeremy Siegel, emeritus professor of finance at the Wharton School of the University of Pennsylvania, staff looking over their shoulders at laid off peers may have actually proved useful to the economy.
Professor Siegel pointed out that productivity is surging, with the Bureau of Labor Statistics reporting last week it had risen at a 4.7% annualized rate for the third quarter of the year.
Some of the motivation behind this productivity surge could be fear, Professor Siegel wrote in his weekly commentary on Wisdom Tree: “Workers might be working harder so they cannot be laid off; the era of ‘do nothing, the boss can’t fire me’ is over.”
-Yahoo Finance, Ibid.
Do ya think maybe, just maybe, this was the plan all along? Companies cut staff and their stock goes up. The Great Resignation ends and people are told to quit job hopping and now, supposedly, productivity is increasing. I don’t find these things coincidental.
“Productivity growth is alive and well,” he said. “Outside of the pandemic, this latest quarter’s productivity rate was among highest in the last two decades. This is partly a rebound after a very disappointing productivity fall in 2022 and I think more of this rebound can still occur.”
-Yahoo Finance, Ibid.
Oh, I’m sure. I don’t think things have gotten as bad as they’re going to in this downturn. 😖
Meanwhile, down in the comments section, we have this:
Look – it’s a free country. (Well, sort of.) If you wanna bicker in a comments section about whether good help is hard to find, whether someone is paying enough, whether someone should “act their wage,” etc., be my guest. What it boils down to for me is this: will these types of conversations help you? The wealthy are making big moves and selling stock. People are getting on the job market and, surprise surprise, they’re finding it difficult to land a new job. Banks are failing and deposits are screwed up. Your money could get trapped in a bank leaving you with no options while a nightmare ensues.
For my money (no pun intended), spending time haggling over the same ole, same ole talking points is a waste of time. The power brokers are planning for the 💩 to hit the fan. If you’re not, I’d have to wonder who you’re listening to and where your head is at.
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