I feel that there's lot of bubbles which will burst and release plenty of programmers to the job market. It's already happening. And those programmers will not find work, not all of them. We need smartphones, but we don't necessary need all those "old moms social network" apps.

During rich years plenty of people came to the industry. Plenty of them are smart and capable, so competition will lower salaries and push some people from their levels.

And god save us if this AI thing will actually take off. It's dumb but it's progressing.