Americans Devastated By More Job Cuts
What’s going on?
It appears that firing thousands of workers is starting to become a trend among major U.S. businesses because now tech giant Phillips just announced that they will be laying off another 6,000 jobs in order to further boost their profits.
This is yet another issue that will plague President Biden and his administration.
According to Fox, Phillips’ decision to layoff more of their workers will play out for a two year period with the first 3,000 workers being cut this year. Phillips revealed that they suffered a net loss of 1.6 billion euros in 2022.
CEO Roy Jakobs explained, “2022 has been a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step up performance with urgency.”
This decision to fire 6,000 workers comes out to a total of 10,000 workers who have been fired in total since Jakobs took over Phillips in October to turn the business around.
Immediately after taking the CEO position, Phillips cut 4,000 as one of his first major decisions.
“When I took over as CEO in October 2022, I said that our priorities are first to further strengthen our patient safety and quality management and address the Philips Respironics recall; second, to improve our supply chain reliability to convert our order book to sales and improve performance; and third, to simplify how we work to increase agility and productivity,” Jakobs explained.
President Biden and the Democrats have been struggling with a number of economic problems. The upcoming jobs report will look very bad for Democrats since so many companies including Google, Facebook, Amazon, Phillips and hundreds of others keep firing their workers.
