People across the country are receiving lay-off notices today, especially at Viacom and AT&T.
Looking deeper into the media industry cuts is disturbing. Many of the cuts come about because advertising revenue is down. Advertising revenue is way down because companies don't have the cash to fully fund their marketing campaigns. They don't have that cash because people aren't buying their stuff. With a decrease in marketing, it stands to reason that even fewer people will be buying their stuff. Meanwhile, people in the media industries that rely on that advertising get laid off, resulting in even fewer people who can buy stuff, meaning companies will have even less cash to spend on marketing, etc.
That said, I do believe that the policies of the new admnistration are going to help, and that we will see the economy turn around after about six months or so. Check back with me next summer to see if I was totally wrong.