SHOCKING 245% Spike in Layoffs as Musk Vows to “Save” $1 Trillion (Uncut) 03-10-2025
SHOCKING 245% Spike in Layoffs as Musk Vows to “Save” $1 Trillion While Sending Billions Overseas
Federal government layoffs resulted in a 245 per surge in announced job Cuts an increase not seen since the last two recessions this may be on track to become the largest mass layoff in US history believe it or not in February alone there were more than 172,000 individuals who were asked to leave the government employment Elon musk’s Department of government efficiency is the main reason as it seeks to cut costs recently musk stated that he will continue to slash spending and he hopes to save as much as $1
trillion dollar as the result of layoffs lay of employees terminated leases and cancelled contracts he said that to achieve a trillion dollar deficit reduction in financial year 2026 it requires saving $4 billion per day every day from now on and he’s confident that he can do it um but the real question is at whose expense if we’re if we’re to achieve a a trillion doll deficit reduction uh in in financial year 2026 it requires saving uh $4 billion per day every day from now through the end of September but we can
do it and we will do it government spending has been out of control for decades not just years for decades which is why we are now looking at thir $ 36.5 trillion in national debt and counting but there has to be a clear plan in place how we can cut government spending without having a direct impact on taxpayers and on many people if we slash government positions yet we keep taking on more debt to send billions of dollars to fund an ongoing conflict in the Middle East or in Europe or elsewhere are we really saving or is this just yet
another smoke and mirrors game there’s a clear need to make the government smaller and to make it efficient but you would agree approach does matter and whether you decide to do this with an axe or maybe uh you know you choose a more nuanced approach that also matters musk previously stated that anyone who’s laid off will be able to easily find employment in the private sector well if competition for any particular role increases in the private sector it means that companies are willing to pay you less for your efforts because all of
a sudden they have this influx of candidates they have uh many candidates that are looking for the same role and they have a lot to choose from so that will push wages down musk wouldn’t tell you that of course what remains left out is the fact that due to a comp complete economic and political uncertainty a recent report that was published by Gallaher gray and Christmas States private companies announced plans to shed thousands of jobs last month particularly in retail and Technology with the impact of the Department of
government efficiency actions as well as cancelled government contracts fear of trade Wars and bankruptcies job Cuts soared in February as you can see there’s a lot lot more to it than just well if you get laid off from your government position don’t worry you’ll just easily find employment elsewhere in the private sector the next day actually it doesn’t quite work that way and anyone who’s ever looked for a job in the United States knows it very well we’re not even talking about whether those who are laid
off um are going to be able to cover their expenses and their liabilities their credit card payments we know that household debt is at an old time high and so we may be potentially looking at new bankruptcies and and so many more issues associated with these Mass layoff for example reportedly the scale of cuts will likely flood the unemployment compensation for federal employees with claims and the program May struggle to make timely payments US Department of Labor already says is actually taking a
long time for people to get their benefits and and it will only get worse if you’re not a government employee if you don’t have a family member who works for the government you know these Mass layoffs may still affect you and here’s how one of our favorite quote unquote agencies the IRS is facing quite significant job Cuts right in the middle of the tax season there are reports of the current Administration planning to close more than 120 IRS field offices across the United States with thousands of employees
potentially being asked to leave their positions the IRS is putting together plans to slash its Workforce by up to 50% using a mix of layoffs voluntary resignations and buyout offers the IRS has around 90,000 employees on record and so um that is a very high number and now that it’s planning to cut that number in half we need to be looking at potential inefficiencies and backlogs since they are using AI for certain returns it shouldn’t be an issue but again it seems that there is no clear plan in place everything is in a
complete state of chaos during the busiest time of the year during the tax season so I think it is fair to expect a lot of uncertainty and it is fair to expect backlogs the Trump Administration has another twist in store temporarily reassigning IRS employees to the Department of homeless security to assist with immigration enforcement in a letter sent in February DHS secretary Christian Nome asked treasury secretary Scott bessent to lend IRS staff to support the Department’s ongoing Crackdown on immigration apparently tax
collections May soon be collecting something else entirely so yes priorities matter and it is important to look Beyond elevator sales pitches to really understand that the issue is much more nuanced and complex and this isn’t a quick solution to a problem of government spending that the United States government has been kicking down the road for decades and decades if you slash these jobs just so that you can turn around and send $3 billion in military assistance to an so-called Ali in the Middle East the
following day or if you lay off thousands of people domestically as you prepare to wage a war on a country that is thousands of miles away what does that really say about your priorities in my opinion it is a fair question to ask let us know what you think about these Mass layoffs and more specifically the approach of the department for government efficiency make sure that you are subscribed to world affairs andc context.com for more content thank you so much for watching I truly appreciate you being here remember to like
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