"Why layoffs don’t work"
"All of a sudden," David Gelles, author of the Welch biography The Man Who Broke Capitalism, told NPR, "other CEOs saw that… if we rapidly wind down the cost of our labor, we could potentially see a meaningful increase in earnings per share for the next quarter and Wall Street sure liked that."
That ethos remains today. Data from the Bureau of Labor Statistics shows that 1.5m-2m Americans are typically laid off or discharged every month, a number that increases during recessions.
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