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   From: bjs@gmail.com   
      
   In article    
   governor.swill@gmail.com wrote:   
   >   
   > Democrats are famous for lying to voters.   
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   Tech — especially in San Francisco and Silicon Valley at large —   
   saw a drastic reversal of fortunes after the COVID-19 pandemic   
   resulted in rapid, outsized growth for many of the industry’s   
   biggest players.   
      
   In total, more than 47,000 people have been laid off across 252   
   San Francisco Bay Area technology companies in 2022, according   
   to Layoffs.fyi, a site that has tracked a vast majority of the   
   tech layoffs that have taken place since 2020. That’s nearly 30%   
   of all the layoffs listed on the site globally, Roger Lee, its   
   creator, pointed out.   
      
   Lee told SFGATE that he developed the site as a weekend project   
   when the pandemic initially emerged.   
      
   “I created Layoffs.fyi as a side project to create awareness   
   around all of these tech layoffs, in the hopes of helping laid-   
   off employees find a home at a company still fortunate to be   
   hiring,” Lee, also the founder of San Francisco financial   
   startup Human Interest, said in an email.   
      
   He expected that there would be layoffs, certainly, but he did   
   not anticipate that the site would become so invaluable for tech   
   workers globally. For nearly three years, he’s tracked just   
   about every single layoff in the tech industry that has taken   
   place in that time, sourcing them through LinkedIn posts, news   
   articles and internal company memos shared with him.   
      
   Lee also did not anticipate that the site would have sustained —   
   and perhaps have even greater — relevance through 2022, but mass   
   hiring in the years prior and unfavorable macroeconomic   
   conditions led to larger waves of layoffs. Among the largest   
   tech companies that were hammered with layoffs in recent months   
   were Salesforce, Elon Musk’s Twitter and, most severely, Meta,   
   which cut 11,000 positions in its first-ever reductions this   
   year. (More than 60% of the layoffs — around 152,000 — tracked   
   on the website took place in 2022.)   
      
   “I’d be lying if I claimed I knew how bad tech layoffs would get   
   in 2020 — and then again in 2022,” he said.   
      
   Lee says that the economic conditions both in and surrounding   
   the tech industry resulted in an especially tough year for   
   workers in 2022. An “unprecedented hiring spree” and an “easy   
   monetary policy” from the Federal Reserve, he said, proved to be   
   favorable conditions for tech leading up to this year, even as   
   the pandemic walloped other industries.   
      
   “Both of these trends sharply reversed in 2022,” he said. “Faced   
   with a slowdown in growth and a downturn in the broader economy,   
   tech companies began cutting staff after realizing they over-   
   hired in recent years.”   
      
   As for the upcoming year, Lee hopes that the tides will turn for   
   tech layoffs once the Fed stops raising interest rates to combat   
   inflation. When, exactly, that will occur next year remains to   
   be seen — but until then, Lee will be dutifully tracking them   
   all.   
      
      
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)