What’s going on?
Foxconn, a major contractor for Apple that has an infamous history of reportedly overworking and abusing employees, is cutting 10,000 jobs to make way for automation.
Glenn’s take:
A company that thinks little of their employees committing suicide is going the cheaper route by switching to robots. You should never believe politicians who vow to “bring back jobs” that were outsourced to China because those jobs are rapidly being overtaken by automation. They won’t exist anymore.
“When China is automating and getting rid of human laborers, something that is cheap and meaningless to them, you can guarantee that those kinds of jobs are not coming back to America,” Glenn said.