Bidenomics: Major U.S. Companies Are Slashing Jobs at a Staggering Pace

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We are just two months into 2024, yet dozens of major U.S. companies have cut hundreds of thousands of jobs as Joe Biden and the liberal media attempt to convince you that the economy is booming. 

Among the largest companies to cut their workforces are Amazon, BlackRock, Nike and Citigroup, ranging from hundreds to tens of thousands of layoffs aimed at tightening their belts amid challenging economic conditions. 

One of the biggest restructuring operations is taking place at Citigroup, which has slashed 20,000 jobs after suffering a “very disappointing” final quarter of 2023. Executives hope the move will save the company $2.5 billion.

Also making serious cutbacks is Nike, which is cutting around two percent of its 84,000 global workforce as part of a $2 billion cost-cutting operation. 

PayPal, which has seen its stock price fall by around 80 percent since its height in 2021, is also laying off around nine percent of its total workforce, equivalent to 2,500 jobs. 

Even Paramount, which had the benefit of a record breaking Super Bowl, will also cut around 800 jobs, around three percent of its workforce. 

Snap, Zoom, UPS, Electronic Arts, Sony, Spotify, The Washington Post, The Los Angeles Times, Vice, Bumble, Twitch, and Rivian have all also implemented cuts, with many other companies also affected. You can check the entire list over at ZeroHedge. 

The layoffs underscore the precarious nature of the U.S. economy, which is experiencing major challenges ranging from inflation to a skyrocketing national debt. Despite these issues, Joe Biden and the Democratic Party continue to insist that the U.S. economy is booming like never before and that all problems are beyond the government’s control. 

Biden has also repeatedly boasted about the millions of jobs that he has supposedly added to the U.S. economy, despite the majority of these jobs involving people simply going back to work after the lockdowns imposed during the Chinese coronavirus pandemic. 

Earlier this month, Biden declared that America’s economy was the “strongest in the world” under his leadership. He said at the time: 

Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year. Our economy has created 14.8 million jobs since I took office, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year. 

It’s great news for working families that wages, wealth, and jobs are higher now than before the pandemic, and I won’t stop fighting to lower costs and build an economy from the middle out and bottom up. I’ll continue to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations; cut Medicare, Medicaid, and Social Security; and raise costs for American families.

Yet, while Biden insists that everything is rosy, Americans are still feeling the pinch. As recently revealed by CNN, nearly half of Americans believe the economy is still on the downturn, while 42 percent of people say their economic situation is worse than it was a year ago. 





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Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

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