Transcript: What Happens to the Laid Off Tech Workers?

For years, tech companies were growing and hiring much faster than the rest of the economy. But over the last year things have gone in reverse. Tech stocks fell much harder than their peers. And while total layoffs in the US remain extremely low, tech companies large and small have been cutting back. So why the cuts? And who is getting cut? And do these cuts tell us anything about the long-term trajectory of tech employment? On this episode of the podcast, we speak with Patrick McKenzie, who recently left Stripe after six years, and is the author of the Bits About Money newsletter. This transcript has been lightly edited for clarity.