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What about a few hundred billion in salary and benefits reductions due to mass layoffs?

Not saying this would be good (qualitatively) or even good business in any sense, but we’ve already seen companies willing to sacrifice headcount to cover CAPEX for these models.

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A few hundred billion in salary and benefits reductions equates to millions of layoffs. At minimum, we'd be looking at something about the same magnitude as the 2008 financial crisis. That scale of workforce reduction would have profound implications for the broader economy.

In a consumption-driven economy, businesses need consumers. Any gains from these layoffs would be short term at best.

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