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February 03, 2023

Biden's New Lie on Record Inflation: "It Was Already There When I Got Here, Man"

From Twitchy, the inflation rate month by month 2020 through 2022:


And now he says he refuses any responsibility for it, because "it was already there when I got here, man."

And that's not just someone imitating Biden's White Trash Jester speaking style. That's what he said.

Biden's crowing about some hiring in January, but meanwhile, employers cut 102,000 jobs in January, and analysts say we're at the end of the period of natural hire-backs of people who were forcibly unemployed by the government during the pandemic.

As well as the short-term effects of wasteful and pointless rounds of stimulus after stimulus.

US employers cut 102,000 jobs in January - a 440% jump from the same time a year ago: 'Tech wreck' spurred layoffs as expert warns 'we're on the other side of the hiring frenzy of the pandemic years'

102,943 job cuts were announced in Jan 440% more than the same time last year

The technology sector made up 41% of the planned reductions during the month

Economy-wide layoffs were low, but more cuts are expected to be announced

More than 102,000 employees are set to lose their jobs after U.S. businesses announced some of the most brutal job cuts since 2020, new data found.

Challenger, Gray & Christmas, Inc. made the report which found 102,943 job cuts in Jan - more than twice than those announced in December, and 440 percent more than the same time last year.

The technology sector has seen the most significant layoffs making up 41 percent of planned reductions - meanwhile retailers and financial companies will also see substantial changes.

Economy-wide layoffs were generally low, but more cuts are expected in the coming months.

More than 102,000 employees are set to lose their jobs after U.S. businesses announced some of the most brutal job cuts since 2020, new data found

PayPal Holdings Inc., Alphabet Inc. and Amazon.com Inc. have all made plans to dismiss thousands of workers and since Nov, technology firms as a whole committed to 110,793 job cuts.

Indeed, the whole tech sector is melting down.

Is this the end of the Tech Golden Age? Apple sales drop 5% in biggest quarterly decline since 2016, Alphabet misses Q4 estimates, Amazon reports almost no profit and Google Ad revenue falls

Alphabet, Amazon and Apple all posted disappointing results on Thursday

Leaders of all three tech firms blamed it on a financial squeeze for consumers

The strong dollar and lingering pandemic issues also hit revenues

Tech titans have been brought to their knees this week, as Alphabet, Apple, and Amazon all posted disappointing quarterly results.

Alphabet Inc on Thursday posted fourth-quarter profit and sales short of Wall Street expectations, as Google's advertising clients pulled back spending from a period of pandemic-led excess.

Executives of the search and advertising giant adopted a subdued tone on a call with investors, promising an extended period of belt-tightening, particularly on hiring, real estate costs and experimental projects that can take years to reach fruition.

That echoed comments from Mark Zuckerberg, the boss of Meta, who spoke the previous day about cost efficiencies, and from Apple's boss.

'We're recognizing the environment that we're in is tough,' said Tim Cook, CEO of Apple.

'And so we're cutting costs. We're cutting hiring, we're being very prudent and deliberate on people that we hire.'

Shares of Apple and Amazon fell after they posted disappointing results on Thursday, wiping off gains after Facebook parent Meta on Wednesday boosted tech shares with news on cost cuts and a large buyback.

Gone was some of the exuberance of the pandemic when consumers flocked to the internet amid lockdowns and heightened interest in e-commerce and touchless deliveries.

Shares of Alphabet were down nearly 5 percent in after-hours trading, after losing about 40 percent of their value in 2022.

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posted by Ace at 02:49 PM

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