Bidenomics Hits Tech: Silicon Valley Salaries Plummet amid Layoffs and Economic Uncertainty

The Bay Area’s once untouchable tech industry has been hit hard by a wave of layoffs and salary cuts, leaving many workers struggling to make ends meet in one of the most expensive regions in the country.

The Mercury News reports that Silicon Valley, long known as the epicenter of innovation and high-paying tech jobs, is facing a harsh reality as companies tighten their belts and slash jobs and salaries. According to recent research by Women Impact Tech, a tech advocacy organization, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15 percent from 2022 to 2023.

The impact of these layoffs and salary cuts is felt by many, including Krista DeWeese, a 47-year-old marketing professional from Fremont. DeWeese has been laid off four times in the last eight years and is currently working as a contract worker at a health science company. Despite her education and experience, she struggles to find secure work that pays enough to keep up with the high cost of living in the Bay Area.

“I feel like my career has been frozen in time,” DeWeese said. “Things have been at a standstill.” She has been forced to cut back on expenses, such as taking shorter showers, being conscious of electricity usage, and even buying groceries at the dollar store.

Fresh graduates are also feeling the pinch. Genevieve Richards, a San Jose native who graduated from Cornell University in 2022, applied to 300 jobs after her internship ended, only to be offered progressively lower salaries. She decided to pursue a graduate degree abroad in Dublin, Ireland, where she found a better work-life balance and more affordable living conditions.

Some companies are offering remote work options to offset lower salaries, allowing employees to live in areas with lower costs of living. However, corporate recruiter Vikki Pachera warns that remote work can be a “double-edged sword,” as it may lead to increased competition for jobs on a national or even international level.

Read more at the Mercury News here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.