I know plenty of people in their late 40's 50's and 60's that were doing fine and who now have to compete with junior and Claude.
And sometimes just Claude.
Obviously they had no inherent right to income but still, people have obligations that need to be met and if they stop spending the economy is not going to be happy. Especially cruel because we have been telling everybody for decades that a career in software is stable and that there will always be a need for more people.
I suspect that when all this is over 1929 will look pretty good.