Terribly bloated corporations all around.

We had such situation in socialist Yugoslavia in the 80s, just before it collapsed. Most people just "went to work" without doing anything useful or producing anything valuable while still getting fairly good money. Government kept printing money while increasing foreign debt to keep people content as opposed to let unprofitable companies close so that people get laid off but hopefully regroup into more profitable ones. It lasted for some time, but when it finally came to an end it was really ugly.

I feel sorry for everyone that gets laid off, but perhaps that is better than the alternative.