hmlongco
My problem with it is that it's largely a self-fulfilling prophecy.
Instead on cutting other costs or--heaven forbid--taking a minor short-term hit on profitability, at the first hint of trouble hundreds of companies rush to fire thousands to tens-of-thousands of employees who now, of course, aren't making an income, which means that they in turn cut their spending, which ends up cutting into company revenues...
And so the downward spiral perpetuates...
