Most tech layoffs are not software engineers, they’re other positions (which make far less money). All the companies that froze hiring have laid off massive chunks of their recruiting and hiring teams, for example.
Sales teams have been impacted eg at Adobe, and some companies are cutting HR and support staff.
But that’s not the point, even responsible “normal” workers can’t really be expected to save more than a few months of living expenses, maybe a year if they’re an older employee. I expect most full find a job before then, but that’s “months” away from a really tough time.
Even if they don’t starve, it can still be pretty negatively impactful - it’s expected many will draw into retirement and savings, or will need to move to a cheaper housing situation (which is hard in SF), or will struggle to pay for children’s education costs. Some will take on credit card debt to cover expenses, or move in with their parents, or whatever. Starving vs “this billionaire lost a few hundred million” still a lot of room for normal people to suffer.
Sales teams have been impacted eg at Adobe, and some companies are cutting HR and support staff.
But that’s not the point, even responsible “normal” workers can’t really be expected to save more than a few months of living expenses, maybe a year if they’re an older employee. I expect most full find a job before then, but that’s “months” away from a really tough time.
Even if they don’t starve, it can still be pretty negatively impactful - it’s expected many will draw into retirement and savings, or will need to move to a cheaper housing situation (which is hard in SF), or will struggle to pay for children’s education costs. Some will take on credit card debt to cover expenses, or move in with their parents, or whatever. Starving vs “this billionaire lost a few hundred million” still a lot of room for normal people to suffer.