This is a loaded question, you presuppose that people are operating on demanding, tight, and competitive margins for years.

Not everyone is, and yes - many of them will fold because their viability was predicated on an unfeasible wage.

Sometimes an ecosystem is well past its expiry date and it reduces to a less vibrant interplay of species.

It’s tragic, but if it took one single thing to destroy it, then it is safe to presume that there were huge issues eroding its underlying harmony.