A product of decades long quantitive easing with cheap money and near zero interest rate economic policy with a techno pseudo-utopian world view belief that Google is a forever day care and a "beloved employer".

As soon as competition is around the corner with a scarce and expensive dollar, it is crunch time and layoffs need to happen to remove the deadwood. (Seniors, managers, HR, etc affected.)

Don't worry though, I heard that the circus was hiring...