Feeling the pressure to do more with less lately

Is it just my department, or is the workload becoming completely unsustainable? It feels like we’re being squeezed to hit aggressive targets despite the lack of headcount backfills. Every time someone leaves, the work just gets dumped on the rest of the team with zero discussion about prioritization. It’s starting to look like a stealth layoff strategy—make the environment so miserable that people burn out or quit, saving the company from having to pay severance packages. I’ve seen it happen at other legacy firms, but I didn't think it would be this blatant here. The morale is hitting rock bottom and yet we’re still expected to push for these unrealistic growth metrics. If another project gets piled on my plate without a discussion about headcount, I’m out. Has anyone else noticed this 'quiet downsizing' approach in their respective silos?