this post was submitted on 07 Nov 2025

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523

‘Mega-layoffs’ under Trump as corporations have cut 1 million jobs this year—most since 2003 (www.commondreams.org)

submitted 2 days ago* (last edited 2 days ago) by MicroWave@lemmy.world to c/news@lemmy.world

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“Trump put billionaires in charge of everything,” said progressive Congressman Greg Casar. “It’s a disaster.”

The US labor market, which in recent months had ground nearly to a halt, now appears to be entering a downward spiral.

As reported by the Washington Post on Thursday, new data from corporate outplacement firm Challenger, Gray & Christmas found that employers in October announced 153,000 job cuts, which marked the highest number of layoffs in that month since October 2003.

Total announced job cuts in 2025 have now reached 1.1 million, a number that the Post describes as a “recession-like” level comparable to the steep job cuts announced in the wake of the dotcom bust of the early 2000s, the global financial crisis of 2008, and the onset of the Covid-19 pandemic in 2020.

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[–] tal@lemmy.today 13 points 2 days ago* (last edited 2 days ago) (3 children)

“Trump put billionaires in charge of everything,” said progressive Congressman Greg Casar. “It’s a disaster.”

While his cabinet is wealthy, it mostly is not billionaires (though we'll see where they wind up, since I understand that some of the policy they're running, like making executive decisions on tariff exemptions, is pretty open to corruption).

https://www.forbes.com/sites/kylemullins/2025/08/13/inside-the-richest-presidential-cabinet-ever/

Name	Role	Net worth
Donald Trump	President	$5,500,000,000
Howard Lutnick	Secretary of Commerce	$3,300,000,000
Linda McMahon	Secretary of Education	$3,300,000,000
Scott Bessent	Secretary of the Treasury	$600,000,000
Doug Burgum	Secretary of the Interior	$100,000,000
Chris Wright	Secretary of Energy	$100,000,000
Lori Chavez-DeRemer	Secretary of Labor	$35,000,000
Brooke Rollins	Secretary of Agriculture	$15,000,000
Robert F. Kennedy Jr.	Secretary of Health and Human Services	$15,000,000
JD Vance	Vice President	$12,000,000
Pam Bondi	Attorney General	$5,000,000
Kristi Noem	Secretary of Homeland Security	$5,000,000
Sean Duffy	Secretary of Transportation	$5,000,000
Scott Turner	Secretary of Housing and Urban Development	$4,000,000
Pete Hegseth	Secretary of Defense (well, now War, I suppose)	$3,000,000
Marco Rubio	Secretary of State	$1,500,000
Doug Collins	Secretary of Veterans Affairs	$1,000,000

I guess you could maybe count Elon Musk, who has...I dunno, I guess ~$300 billion at the time that he was running around the White House. But that's just Musk, Trump, Lutnick, and McMahon that break the billionaire bar.

[–] Thunderbird4@lemmy.world 17 points 2 days ago (2 children)

I’m actually kind of shocked by the names at the bottom of the list. Like really? Marco Rubio’s entire net worth is less than a cheap house in the SF Bay Area?

[–] village604@adultswim.fan 16 points 2 days ago (1 children)

That's just reported. I'm sure he has money hidden somewhere.

[–] ToastedRavioli@midwest.social 7 points 2 days ago (1 children)

Same as how Trump is probably not actually worth $5B and its inflated, considering he acts like a broke ass bitch that cant even afford a McChicken sandwich

[–] village604@adultswim.fan 4 points 2 days ago

Well, idk about Rubio's finances, but Trump is in debt up to his eyeballs.

[–] tal@lemmy.today 5 points 2 days ago

I would take this opportunity to point out that housing in the Bay Area is in ludicrously short supply and has driven house prices to pretty stupid levels. YIMBY's been banging on it, but...

[–] heavy@sh.itjust.works 5 points 2 days ago* (last edited 2 days ago)

I don't think they meant that literally, even if *there are an alarming amount of billionaires in cabinet positions. Consider the meetings and dinners with billionaires, hiring Musk as "not really" an employee, lawsuits settling for acquisitions and mergers, the White House east wing slush fund, the Qatari jet and now air base in Idaho, crypto scamming, rich guy pardons.

Essentially this administration has never been more up for grabs or influencable by money.

[–] asRomeBurns1979@lemmy.world 5 points 2 days ago

When he announced a WWE CEO as head of education for the first time ever I started wondering if we’re in a simulation. Top bracket satire.