Is it just me, or is the workload getting insane?

Seriously, is anyone else feeling completely swamped at 3M right now? It feels like every week there's a new 'priority' project dumped on us, but we're losing people or nobody new is being hired to fill the gaps. My team is already stretched thin, and now we're being asked to do the work of two or three people. Productivity targets haven't changed, but the resources certainly have. I've been here for [X years] and I've never seen it like this. It's not just the overtime; it's the constant pressure and the feeling like we're always behind. I'm starting to wonder if this is a deliberate strategy to see who can handle the pressure cooker, or if it's just the prelude to a 'right-sizing' exercise where they'll inevitably cut the people who are burning out. I don't want to jump to conclusions, but the combination of increased workload and a general lack of investment in headcount is making me nervous. Anyone else experiencing this? Are your managers even acknowledging the strain, or just pushing harder?