This is a cycle that has existed for decades now. Hell, it's existed ever since Capitalism took hold, and laborers became just another "interchangeable part" to a business.

We were really bad about protecting workers from it, until it the combination of anti-labor actions by businesses disrupting WWI war manufacturing (resulting in the National War Labor Board), as well as the Great Depression-era judicial (and physical) fights over striking, resulted in actual labor protections under Hoover and Roosevelt.

Now we're seeing the effect of decades of corporate lobbying (as well as brain-dead "Libertarian" mindsets among Centrists and Republicans) to weaken employee protections. Businesses have realized that they can, without consequence, use cycles of firing and hiring to manipulate their financials to have more favorable short-term outcomes.