Joey Politano🏳️🌈 @josephpolitano.bsky.social · Jun 5 This is now the longest stretch of tech job losses in US history—while losses in the dot-com bubble were larger, it took less than 3 years for tech firms to start adding jobs again. Today, the US has already been losing tech jobs for three straight years with no sign of slowdown
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Tech sector employment is down while tech CEO pay has increased tremendously on the backs of those who have been laid off. Our problems in a nutshell.
The belief that AI can replace tech workers is causing the layoffs. I suspect it will be very hard for managers to reverse course when they burned a bunch of bridges in the pursuit of an AI powered workforce.
But how much larger is the tech sector today?
Makes sense that it’s the longest in history when you think of how much of the gains in tech over the last decade were thanks to ZIRP-enabled managerial empire building and tech hoarding.