Pink slip, Number of Copies [3,000]

Amidst weakened expectations for economic recovery, Xerox is laying off 3,000 employees. These cuts are certainly paired with hiring freezes and attrition based reductions. The cut is the first part of the impact, but the reduction in wages is larger than the 3k people who are in the wrong place at the wrong time. As noted before, this has a large impact on consumerism in more ways than the laid off folks. Their coworkers are likely to shy away from demanding higher wages, some may cut back spending fearing that this is the start of more layoffs, and as others read about it they turn towards thinking about their own employer and scale back.

The spendy days of the decade are not to be coming back in the short term. Hopefully USA begins a process of stepping up to the looking glass and seeing what a horror show it has become.