Only yesterday, President Biden insisted that his economic policies, known as “Bidenomics,” are “working.”

When asked if Vice President Kamala Harris would continue with Bidenomics, Biden answered, “It doesn’t matter what the hell you call it, the economy is going to continue. With — all the legislation we passed, it’s working. In case you haven’t noticed, it’s working.”

Unfortunately, Biden didn’t get the memo that the newly crowned Democratic nominee for president is trying to distance herself from his policies, as he told reporters that Harris is not going to distance herself from his economic plan. 

The president may sincerely believe his economic policies are “working,” but what good does it do if no one else is working? 

Fox Business reports on job cut announcements from multiple companies that will put thousands out of work across several industries. Here’s the start of the story: 

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The summer has brought announcements of job cuts at a slew of different companies.

The planned layoffs are expected to collectively hit thousands of people who work in industries including tech, media and auto.

Some of the firms that have disclosed intentions to reduce their headcounts this summer include:

Cisco

Cisco is embarking on a restructuring to “allow it to invest in key growth opportunities and drive more efficiency in its business.” That effort will involve laying off 7% of the company’s workers, according to a Securities and Exchange Commission (SEC) filing.

The company revealed its plans on Wednesday, the same day it released its first-quarter financial results. There had been reports ahead of the release that a possible layoff announcement was coming.

Its workforce was hit by layoffs once already this year in February.

Intel

Intel’s layoffs, announced Aug. 1, will result in some 15,000 employees losing their jobs.

They will arise out of a “comprehensive reduction in spending” that the tech giant said it was pursuing to “resize and refocus.” The company aims to trim costs by $10 billion in 2025 through its overall cost-reduction plan.