"Up in the morning and out to school
Mother says there be no work next year
Qualifications once the Golden Rule
Are now just pieces of paper
Well the factories are closing
and the army's full
I don't know what I'm going to do
I've come to see in the land of the free
There's only room for a chosen few. " -- Lars Frederiksen
I feel bad for everybody who spent the past 4 years going $200k into debt for a now worthless compsci degree. New grads, juniors and general employees who are not rock-stars, are in a miserable ride. As everybody casually writes it off to "over-hiring" you are forgetting the fact that there are 150k newly unemployed, a significant portion of whom will take many months, possibly a couple of years to find something. Meanwhile, all of those fresh graduates are now saying "Oh shit, I have to start making $2k/month student loan payments now, and don't have any income.
As an oldster observing what I believe my 4th tech downturn, I am currently advising people to go into the trades instead of becoming a software "engineer". The money can often be far better than tech, and there are actually more opportunities to advance than in tech.
If you consider inflation, offshoring, record profits for many companies who are still laying off, crypto crashing and rapid advances in AI-generated code, then you should be able to read the writing on the wall.
Remember a significant portion of these layoffs are coming from companies whose revenues and profits are increasing .. because they just don't need as many people to keep the investors and c-levels rich.
If you don't have at minimum 18 months worth of living expenses saved up when you get laid off, you could be in a world of hurt.