Addressing the question in the title, "What happens if an entire class of workers loses faith in their careers", look at what happened to printers. That was a good skilled trade for centuries. Then it just went away. Phototypesetting took the high volume end. Desktop publishing took the low end. Computer-controlled presses took press operators. And then the newspaper business died.
I've heard homeless former printers talking about the good days at the Burger King near the cable car turntable at Powell and Market. They thought they had careers.
Now they're struggling to survive.
Knitting is not the answer. This is a survival issue. Somehow I suspect the author inherited money.