The article mentioned fallout of the ongoing trade war, but I didn't see a mention of the effect of AI (or, more accurately, Management's expectations for AI) resulting in reduced hiring for developers. Particularly entry-level developers. We'll see in the next few years whether "tossing all the developers" was a good move or left companies behind those that continued staffed development.
Eliminating medium-to-high-paying jobs is going to cause problems going forward. Ours is a consumer economy, and these kinds of jobs consume quite aggressively.