Democrats and their loyal soldiers in the media continue to downplay the looming recession but in Corporate America, business leaders are battening down the hatches as they brace for the coming economic hurricane that will be President Joe Biden’s signature achievement.
One CEO who has read the writing on the wall is Mark Zuckerberg, the co-founder of social media giant Facebook which recently changed its company name to Meta, telling employees during a conference call this week that the company has drastically cut back on the number of engineers that it plans to hire in anticipation of “fierce” headwinds.
“If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” Zuckerberg told employees in the weekly Q&A session that was heard by Reuters which reported on his remarks.
He also put employees on notice that aggressive new performance standards are being implemented to weed out slackers by “turning up the heat” as the company adjusts its course for the new stormy environment.
“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg said. “Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you, and that self-selection is OK with me.”
Hiring has been cut 30 percent as the company has dialed down its target from 10,000 new engineers to around 6,000-7,000, Zuckerberg said according to Reuters. He also said that certain positions open through attrition and offloading dead weight would be left unfilled.
In an internal memo seen by Reuters, Chief Product Officer Chris Cox said that the company needs to “prioritize more ruthlessly” and “operate leaner, meaner, better executing teams.”
“I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets,” he wrote.
According to Reuters: “The memo was ‘intended to build on what we’ve already said publicly in earnings about the challenges we face and the opportunities we have, where we’re putting more of our energy toward addressing,’ a Meta spokesperson said in a statement.”
The news from Meta comes at a time when gas prices are at record highs and will stay there for “as long as it takes” for the regime’s objectives in Ukraine to be accomplished, according to Biden which could take years during which there will be no relief from inflation, especially food and other goods that rely on cheap fuel to transport product to stores.
Biden was asked how long it’s fair to ask Americans to pay record high gas prices.
Biden: “As long as it takes.”
Not sure that’s a strong midterm message. pic.twitter.com/RRwJYdHwNB
— Matt Whitlock (@mattdizwhitlock) June 30, 2022
Like his fellow Democrats, Biden also continues to deny the reality that a recession is looming – if not already here – and got testy with a reporter who pressed him on it during his recent weekend stay at his Rehoboth Beach, Delaware vacation residence.
Regardless of the narrative messaging, the fact that businesses are making moves to get leaner and meaner in order to ride out the coming period of economic turmoil should be a flashing warning sign to all Americans who have already been greatly harmed by Biden’s policies that their suffering is only beginning.
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