Biden

‘One Of The Worst Downturns’: Even Mark Zuckerberg Blasts Biden’s Economy

Published on July 5, 2022

The 2020 Biden campaign stressed the need for the United States to move away from capitalism to a more “equitable” system for all Americans.

This included killing the fossil fuel energy industry, pushing for a $15 minimum wage, implementing an ESG corporate rating score, passing pro-LGBTQ protections, and ending Trump’s border security policies to ensure an open southern border allowing millions of unvetted “migrants”, illegal aliens to enter annually, etc.

As a result, the economy has massive inflation, especially in energy.

The S&P 500 has lost all of the gains it has made since Joe Biden was sworn in as president. The market index, on Monday, closed down 151 points at 3,749.84, notably below the 3,798.91 level, which is where it closed on Jan. 19, 2021

Real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent.

Even the massive big tech giant Meta Platforms, Facebook’s parent company, is feeling the Biden effect. Meta plans to reduce the number of engineers hired by at least 30% as founder Mark Zuckerberg warned employees of an economic downturn.

“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 his staff during a weekly session, the audio of which was obtained by Reuters. Meta reportedly planned to hire roughly 10,000 new engineers throughout the year, but has cut this expectation down to 6,000-7,000, Zuckerberg announced in the audio.

Facebook has reportedly lost $500 billion since rebranding to Meta, according to PC Gamer. With more and more financial experts noting the impending recession, Meta has already confirmed hiring pauses, but the new information from Thursday’s meeting is the first time exact figures have been released.

Meta has reduced its target for hiring engineers in 2022 to around 6,000-7,000, down from an initial plan to hire about 10,000 new engineers, Zuckerberg said.

The company will be leaving several positions unfilled and will be “turning up the heat” on performance management in an attempt to get rid of staffers unable to meet goals, Reuters continued. “Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg continued, the outlet reported.

“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,” he said.

The social media and technology company is bracing for a leaner second half of the year, as it copes with macroeconomic pressures and data privacy hits to its ads business.

The company must “prioritize more ruthlessly” and “operate leaner, meaner, better-executing teams,” Chief Product Officer Chris Cox wrote in the memo, which appeared on the company’s internal discussion forum Workplace before the Q&A.

“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,” Cox wrote.

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.

Wow, I wonder if Zuckerberg is missing former President Trump’s policies now?

Mark is one of the main reasons Biden is in office, spending almost 400 million dollars in the 2020 election to pay for illegal ballot boxes, etc.

And what is getting in he getting in return? Nothing but stress and a much less optimistic future for him and his companies.