I think you're also going to see management at surviving businesses exploit the downturn to their advantage. Lots of rationalization as to why you won't see raises, why you'll need to work more to pick up the slack, lots of "be greatful" (there's some validity here), lots of pay/hour cuts, etc. that will likely perpetuate long after the crisis has rebounded and balance sheets are in the green again. Its funny how quickly businesses react to cut costs but are slow to react to shore up their current employees.
You're also going to see employers who lay-off yet justify continual hiring in this marketplace. Businesses will try to capture high quality labor talent at reduced costs (due to competition) and lock in those rates for awhile (hoping some will stay and be happy with modest raises on their significantly reduced labor rates).
One place I work with, management claims everything is fine and they've locked down all non-essential hiring, but I keep active monitoring on popular labor marketplaces for them and see continual updated advertising, even after they've claimed to stop hiring. Some of it's automated but I know for a fact a few places manually renewed listings intentionally. They're not locking hiring, they're looking for discounts right now because they know they're financially solid and will weather this storm just fine.
I love many aspects of technology but am really growing to hate industry practices to the point of looking at career changes.
Agree with your post (and upvoted) but wanted to point out that these labor practices common to capitalism and so you're likely to find it just as bad outside of tech. In some industries, worse than others, for sure. But this is the Faustian bargain that we signed up.
(Personally, having worked some really terrible jobs outside of tech, I wouldn't leave it.)
But, i wonder, in general, if all these layoffs are to some degree something overdue that companies wanted to do anyways and are now just taking the opportunity to do it whilst still saving face.