So... imagine a team that's been cut, cut, cut. In half. Down to the bone. There's a hiring freeze. Alas, the manager has an employee who's a poor performer but can't do anything because a) the person can't be replaced (hiring freeze) and b) a layoff is coming and there needs to be a lamb to go.
Meanwhile, those who remain must work even harder to accomplish their tasks. Otherwise, those in charge crack the whip and say, "Why can't you deliver 'on time' to the arbitrary delivery date we dreamed up?"
What's really messed up is the leadership that thinks this makes any sort of sense. Ultimately, at the rate this company is going, the train will run off the cliff and crash at the bottom of the canyon because the only ones that remain either don't care or don't know how to put on the brakes.