it is a scam-- capitalism being taken to its extremes and it will only get worse.
here's how it works...
wall street, hedge fund owners and the high net worth individuals they manage money for demand a certain return on the investment they put in a company
year after they demand better and better earnings and returns
there's two ways a company can return more money to shareholders (i hate this word, btw...you have mom & pop "shareholders" but that's not really who companies are worried about):
A. grow revenue
B. cut expenses
most companies are doing B. they cut expenses, meaning most of the time, laying people off. you think the work those people were doing goes away though?

nah.
you're gonna do the work of your buddy who just got fired. and you better not fukk it up because you'll join him.
so your buddy on a team of 5 gets fired, and the 4 people left on the team divy up the work that was being done by him. that's a 25% increase in the amount of work you're doing. but are you going to get a 25% raise?

nah...you get 2% to cover inflation if you're lucky.

where'd that other 23% go? the "shareholders"

. the company effectively just gave you a paycut to enrich those guys. but this is nothing new...this is the basis of capitalism.
and of course, let's not forget that your buddy is out of a job now. and he can't buy shyt. really, not a lot of people are buying shyt. so that company's top line won't grow because there's nobody new to buy their shyt.
but do the shareholders care? nah, they say

"you better get my money or im taking my ball home". so now it's time to find more...efficiencies

...rinse and repeat rinse and repeat.
and once the shareholders start demanding that your company replace you with those new robots...
our economy is gonna have a lot of yall like

in the next 10 years. just want to give the heads up.