Guest Post by Karl Denninger
At the end of October, IT employees at Walt Disney Parks and Resorts were called, one-by-one, into conference rooms to receive notice of their layoffs. Multiple conference rooms had been set aside for this purpose, and in each room an executive read from a script informing the worker that their last day would be Jan. 30, 2015.Some workers left the rooms crying; others appeared shocked. This went on all day. As each employee received a call to go to a conference room, others in the office looked up sometimes with pained expressions. One IT worker recalls a co-worker mouthing “no” as he walked by on the way to a conference room.
Disney, like so many other firms, apparently has been moving many of their high-paying IT jobs effectively offshore — in many cases demanding that current employees train replacements that then come in and take over. Those replacements are H1b immigrants, frequently from India, where they obtain subsidized schooling and, of course, come from a land where the cost of living is a tiny fraction of what it is here.
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