The Defiance Economy
Catch it if you can
I am tired of the national media’s constant mention of a recession. In the same way the red wave theory was promoted by GOP-leaning pollsters, some corporate leaders have used recession talk as a cover for firing employees.
The national media, instead of digging deep to find the reality, has fallen prey for sensationalism and continues to push false narratives.
The U.S. economy has grown by 2.9% during the fourth quarter of 2022. The much published technology layoffs are not happening because the industry is bracing for a recession.
- The tech industry is on a firing spree because payroll is one of the low hanging fruits to increase corporate earnings per share.
- Increasing earnings per share is the best way to improve company valuation that has taken a beating after the federal reserve increased the interest rates.
- Improving stock price is the best way to fatten year end executive bonus packages.
If the media wanted sensationalism they could have easily gone after the root cause of the technology layoffs. But instead, like the kids who followed the pied paper, they have followed the recession threat beamed by the industry and the scholars from the trickle down school of economics.
The Wall Street…
