Videogame maker Electronic Arts (EA.O) , opens new tab said on Wednesday it would reduce 5% of its workforce, as the industry struggles to grow amid high interest rates.
The company expects to incur about $125 million to $165 million in charges as part of the restructuring plan that also includes a reduction in real estate.
Been saying it since last year. The companies are so terrified of a recession that they’re going to cause one. The funny thing is that this time the market is actually trending up again. This time they just want their bonuses.
What we all have to keep this laser centered in our minds when we talk about this is that for the ruling class, recessions are an essential part of the process of increasing their chokehold on society.
Capitalists want everything to periodically catastrophically collapse and go up in flames, without it the easily exploitable field of workers would grow into a mature forest with unions and other mechanisms that gradually grew in power to ensure the fruits of worker’s labor were distributed in a remotely fair way.
Make no mistake, they WANT a recession and honestly I think they are probably confused they haven’t been able to instigate the early arrival of one yet.