I have been thinking this for the last decade of reading this perspective on HN, but it's worth saying: if this is true, it's at best a dramatically bimodal situation.

The incredibly-slack labor market this describes wasn't reflective of my experience or that of anybody I knew as of ten years ago. After a decade of tightening in that market, this is even less true.

As I said, it's likely bimodal: certain geographies/verticals/perhaps specialties probably still afford tech workers a 1990s-like level of market power.

But it's worth pointing out that what you're describing is not remotely the norm for at least some dense subnetwork of labor (of which I'm a part). Further, it's potentially the case that entry into this labor market is accessible to those who are currently in the looser market, especially as IMO talent doesn't account for the entirety of the gap.