logoalt Hacker News

monodeldiablolast Tuesday at 3:31 AM0 repliesview on HN

A few hundred billion in salary and benefits reductions equates to millions of layoffs. At minimum, we'd be looking at something about the same magnitude as the 2008 financial crisis. That scale of workforce reduction would have profound implications for the broader economy.

In a consumption-driven economy, businesses need consumers. Any gains from these layoffs would be short term at best.