Who is going to hire all those millions of marginal workers now left without a job?
And those who get employed, how are they going to make near as half as much as what they made?
The tech industry doesn't know how to distinguish between marginal and excellent workers or even between them and poor workers. Instead, they have hazing rituals that they know don't work but continue to not only use them, but expand them, perhaps in hopes that eventually if they're obnoxious enough, they will magically output the rock star employees instead of random quality employees.
When I said marginal, I meant the workers who are not really required and were just hired because of grand expansion plans that later on failed.
Welcome to capitalism? They’ll need to retrain at their own expense. Hopefully they’ve saved enough to provide shelter, food, and health insurance for any dependents they may have acquired along the way. The destruction part of creative destruction is that pretty rough.
Absolutely.
Many of them got used to lavish lifestyles and fat expenses, now they will all need to adjust fast.