America Facing Category 5 Economic Storm
Democrats refuse to admit Biden did this.
If you aren’t heavily invested in the stock market then you likely don’t know that the United States dealt with the single most chaotic stock market year since 2008.
Now it appears that things are about to get much worse because Wedbush Securities managing director Dan Ives is warning the American public that Big Tech companies have still not embraced reality and will soon need to enforce massive layoffs as a “Category 5 storm” looms over the 2023 year which will leave people in deep financial trouble.
In transcript provided by Fox, Ives was asked, “You’ve got a number of companies either freezing, hiring or cutting their workforce. Is that going to continue this year?”
Ives responded, “Look, a lot of Big Tech, they were spending money like 1980s rockstars. And I think that really shows. Sometimes they were increasing 15, 20% per year. I still think it’s a ‘rip the Band-Aid off,’ still some more headcount cuts. We think potentially another 8 to 10% headcount cuts in Big Tech. You look at what happened with Meta, and that’s a good example. Once Zuckerberg finally read the room, cut in terms of what he needed to, stock ultimately lifted. I think, be that as a catalyst, I think you will see a continued cutting of heads in Big Tech because they’re getting ready for the Category 5 storm in terms of what we’re seeing with the macro.”
The economic outlook for 2023 remains “iffy,” President Biden and the Democrats have vowed that the 2023 year will be good economically for a lot of Americans however all the danger signs are still there. Things will have to change from the executive branch very quickly if there is any hope for meaningful recovery.
