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Money and Finances
Reply to "Alarm Bells Ringing: November 2023 Tech Layoffs & Government Disconnect"
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[quote=Anonymous]Tech over-hired during the pandemic and is now correcting. AI may prove to cause more lasting disruption--with those with expertise with AI getting the higher salaries/greater demand and those with skills that can be easily replaced by AI experiencing lower salaries/less demand. But, this greater efficiency on the part of companies is fueling growth in the economy and mitigating inflation due to lower labor costs. It sucks for the people who lose their jobs--but for the most part these people will be able to find new employment. Some may experience considerable decreases in salary--but it's a matter of going from highly compensated to a still high wage rather than to a low or even median wage (currently somewhere in the 50-60k range). This isn't an alarm bell for the economy--which still has very low unemployment--but it may be an alarm bell for other tech workers to adjust their skills, expectations and do some networking etc. [/quote]
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