Americans Facing More Layoffs
This is getting ugly.
3M, which is a Multinational conglomerate, is now expected to layoff more than 2,500 of their own employees after fourth-quarter profits plummeted thanks to a slowing economy caused by President Biden and the Democrats.
According to Fox, 3M’s CEO Mike Roman explained, “In a year impacted by inflation, global conflicts, and economic softening, our team took actions to position 3M for future success.”
This latest announcement comes after dozens of top tech companies such as Microsoft, Amazon and more also announced that they would be cutting thousands of jobs as well to save money.
Roman later added, “We expect macroeconomic challenges to persist in 2023.”.
3M’s profits fell to just $541 million compared to 2021 where they profited $1.3 billion.
On the year, 3M’s operating cash flow decreased by 25% to just $5.6 billion and their free cash flow also dropped 25% to $4.7 billion.
3M explained the financial losses and said it was “primarily due to lower net income and the cash impact from capitalization of R&D for U.S. tax purposes.”
Roman added, “The slower-than-expected growth was due to rapid declines in consumer-facing markets along with significant slowing in China due to COVID-related disruptions.”
President Biden and the Democrats aren’t just hurting middle class Americans with their poor leadership, they are also hurting some of the biggest companies in America and people are losing their white-collar jobs by the day.
