This is the...fourth one I've witnessed personally, now? I was laid off with even less grace than this over a year ago. I can call it out because I've got no skin in the game anymore. I'm not getting rehired; I don't need to cultivate a professional image on the net anymore, so I'll tell y'all what you need to hear:
Unionize.
If your work doesn't have a #union . Make one. Start right now.
Collective action is the only thing that will protect you from your boss's greed and incompetence.