You might have noticed all of the fast food chains that have closed down. Not the one-man shops. Rather, stores that belong to well known chains, such as Arby's, etc. If the shops are closing down because their clientele are becoming more health conscious, employees of the stores that close down are hired by healthier alternatives, such as Subway, with outcome there is not any loss of jobs. The evidence does not suggest that is the case, suggests the healthier fast food chains are not adding jobs. Perhaps, are not even sustaining jobs.
You perhaps also have noticed that the technology sector has shed quite a number of jobs. In stated respect, Amazon boasted that whereas it had not as yet begun to experience any squeeze on profits, it anticipated such a squeeze, as such was acting proactively to protect shareholders — who typically are rich — by laying off about 10,000 employees who depend on their jobs for survival. Like Amazon, Tesla also stated quite emphatically that it was laying off to forestall a diminution to the returns that it provides to it’s shareholders.
Consider then Meta. The company lost about 67% of it’s value on the back of the rather boneheaded Metaverse idea. Then Zuckerberg realized his error, and swung away from that strategy. Well, just as the company begins to recover it’s share value, the company decides to lay off about 23,000 employees, just so it can squeeze out an additional, say 2% return for shareholders who, yet again typically are in the top 10% of incomes and wealth in the United States of America. Those 23,000 laid off employees, well they get six months of unemployment benefits, and if at that time have yet to secure new jobs, inclusive of their dignity, stand the risk of losing all.
In a country that supposedly has activists, no one has questioned the ethics behind the layoffs at Amazon, Tesla, or Meta.
But then, what else to expect when foolishly Americans continue to agree that firms exist solely to please shareholders.
If firms exist solely to please shareholders, the layoffs at Amazon, Meta, or Tesla perfectly are rational.