The leisure and hospitality industry continues to suffer. Disney is laying off 28,000 workers, 2/3 of them part time. This is in response to the lackluster attendance at their parks.
In this video I discuss how this is likely to ripple throughout the economy and that things are still very bad out there.
▶️ 3Speak
The true reality is stepping in and all government incentives seems to start paling up. What nobody speaks about is an industry that is on its knees - the tourism - which is predicted to be set back by $1 Trillion from all time high of $1 Trillion. How can the economy and stocks still keep up there, it beats me and is against my understanding.
The world should have the eyes wide open, be truthful and take real measures rather than printing money! This could crush as all, our refuge is in the cryptocurrencies and gold at the moment.
Posted Using LeoFinance Beta
i think that make sense thier so lack of money
Summary:
In this video, the speaker discusses the recent news of Disney laying off 28,000 employees, mainly part-timers, due to the economic impacts of the global shutdown caused by the pandemic. He delves into the broader implications of this event on state economies, personal incomes, and the overall collapse of the economy. The speaker highlights the challenges faced by workers who are unable to pivot due to lack of skills, especially in a rapidly changing technological landscape. He also criticizes the government's response, highlighting the disparities in stimulus packages and the neglect of average workers in favor of political cronies and big businesses. The episode ends with a reflection on the significant impact these layoffs will have on the local economy in Orlando, home to many Disney workers.
Detailed Article:
The video starts with the speaker addressing the recent headline about Disney laying off 28,000 employees across its theme parks and entertainment entities, with two-thirds being part-time workers. He mentions the CEO's statement about cost-cutting measures, attributing the layoffs to the economic fallout of the global shutdown.
The speaker points out the broader economic implications of Disney's layoffs, signaling a warning about the state of the global economy. He discusses how the pandemic has led to the closure of businesses, with some still unable to reopen, like Disney's Anaheim park due to California's restrictions. The travel industry has been hit hard, affecting tourism and revenue streams.
The discussion then shifts to the challenges faced by workers, particularly those in low-paying jobs like theme park employees. The speaker highlights the struggles of workers stuck in entry-level positions for years due to a lack of skills or opportunities for advancement. He uses a personal anecdote to shed light on the financial hardships faced by families when a primary earner loses their job with no alternative skill set.
In dissecting the economic situation, the speaker emphasizes the significant impact of technology on job stability, noting that the pandemic has exacerbated existing trends. He expresses concerns about the rapid decline of small businesses in the US, leading to the destruction of capital and equity for business owners.
Furthermore, the speaker criticizes the government's response, condemning the political bickering over stimulus packages that benefit big businesses and political cronies rather than the average worker. He expresses frustration at the lack of support for struggling individuals and small businesses compared to the assistance provided to larger corporations like Disney.
The video concludes with a reflection on the impending strain on local economies, particularly in Orlando, home to many of the laid-off Disney workers. The speaker expresses curiosity about the forthcoming sales tax figures and anticipates a significant drop due to the loss of consumer spending.
In essence, the episode serves as a critique of the economic fallout from the pandemic, focusing on the human impact of layoffs, the struggles of low-skilled workers, the rapid technological advancements affecting job stability, and the disparities in government support for average workers versus big businesses.