tech layoffs

Former Labor Secretary Robert Reich warns AI-driven cost-cutting inflates corporate profits and stock prices while workers face job losses and wage stagnation, widening market-economy disconnect.

Recent college graduates employ AI interview assistants to compete in brutal entry-level market with 5.7% unemployment and 42.5% underemployment, citing corporate hypocrisy in algorithmic hiring.

Major tech companies cite AI automation for massive layoffs, but underlying issue stems from pandemic-era overhiring and unsustainable equity-heavy compensation models.