While I understand the “average Joe” is not in the position that software engineers are in, I’m just going to address software engineering since we are on a technical site.

In software engineering, you don’t need “multiple income streams” to stay solvent. You just need a set of skills that are in sync with the market, good interviewing techniques, a strong network, and cash to tide you over and keep your expenses reasonable. This time is not a recession. It’s a true worldwide epidemic. But during “normal” recessions, if you have what I outlined above, someone somewhere will hire you at least as a contractor at some rate.

Of course if you overly specialized it might be harder.

The dot com bust wasn’t that bad if you were just a regular old enterprise developer working at a profitable company that wasn’t directly or indirectly dependent on VC money. Even in 2008, there were companies hiring hired gun contractors at lower rates.

I wholeheartedly agree with this sentiment. We have the privilege of working in an industry in which we can gain experience in nearly any sub-field using online resources. If you were laid off from your $oldTech job, there are dozens of $newTech that can be learned in your newly-found free time for next to no cost.