Of the 15-18k what % do you think will never bounce back and this is starting point of their decent into depravity and spiraling into irreparable chaos? They can no longer pay mortgage or car payments or children’s tuition. There are going to be some who have a drastic change in quality of life and will never full recover from it. Or get back on the same trajectory they were on prior to these developments. God bless and good luck to all of you.
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There are definitely some who will never full recover from this. And some who will become destitute. It’s just statistics. Look around. Some of these people will loose it all in near future. And like previous post said : they don’t even know it yet but it’s sadly coming for them and in their future
Look over what you've done over your time here, update your resume, do anything else necessary to prepare for job search. If you get booted but can hold out to mid Jan '25 with savings (2-3 months), you would likely find a better market. End of year search would be difficult.
This is sad because there are people currently have no idea that it is them who will be impacted in such a way. Right now clean cut and healthy. But year or so from now dirrty thrown in cold gutter while everyone else’s life has moved on. Think of them at Christmas time when you are warm and around family and they are smelling of caked vomit on their tattered pi-s soaked Wool sweater out in the cold behind some garage dumpsters bins. Thanks Pat
A large number of well paid folks are in for a rough road. The job market is extremely tough especially for older people. Hopefully those that get whacked have saved enough for a 6-12 month (If not longer) job search.
"This pattern has been going on for 25 years"
and benefits a few at the top
Hmm, in 2000 our national debt was 5 trillion.
In 2024 our national debt is about 35 trillion.
That strategy appears to have failed.
We want our money back now with interest.
This pattern has been going on for 25 years - overhire then cutback, rinse and repeat. It started under CRB and was called "Pump and Dump."
"Things like that happen when there are layoffs in any organization, large or small. "
Correction. Things like that happen when you insource and outsource your company into oblivion and you allow a bunch of bankers to strip it clean for monetary or political reasons. Intel is going the way of Boeing.
Things like that happen when there are layoffs in any organization, large or small. In the case of Intel, the writing has been on the wall for some time now. Massive layoffs shouldn't come as a surprise to anybody. When you know layoffs are around the corner, you need to plan ahead: start looking for another job, beef up your rainy day emergency savings, etc.
There has been talk and many posts on here regarding Pat’s legacy. This is his real and true legacy, the lives ruined. He should be remembered for this and this alone. Not just his employees lives but their families. Their young sons and little daughters whose dreams and lives are dramatically altered due to Pat’s actions.
Sounds like it's your problem of you can't pay your bills. Su-k it up buttercup.
It is time to list upper management salaries and their contributions so actual scientists and engineers can see if their salary matches their contribution.
"It probably will happen to a small percentage but people shouldn't be living that over extended in the first place."
They probably can't help it.
The home prices are way too high.
Maybe you should discuss Blackrock's behavior.
Don’t forget about all the at home stress and strife this will cause personally not just financially. Depression, divorce, increased substance abuse and many other very terrible things I won’t list will increase because of this.
It probably will happen to a small percentage but people shouldn't be living that over extended in the first place. When you restart make better decisions. You don't have to own everything. Get your next job in a lower cost area and maybe have the 1-2 year savings buffer other people have.
How can this happening at Intel be a surprise to you?
I live in the Bay Area. I sadly have seen a lot of ex tech workers driving Uber.
People with high time preference will suffer the most. People with a low time preference will be far less impacted.
As long as they have enough money to give Pat another 45% raise this year. That's all that really matters....