It sure was, but as far as I'm aware, 2026 isn't in the middle of a generation-scale economic collapse.

(And if it is, what is the cause?)

There’s a difference between a collapse and a slowdown. We don’t need a collapse for hiring to slow down [1,2]. I think we’re finally just seeing the maturation of software development. Software is increasingly a commodity, so maybe the era of crazy growth and hiring is over. I don’t think that we need AI to explain this either, although possibly AI will simply commodify more kinds of software.

[1] https://www.npr.org/2026/02/12/nx-s1-5711455/revised-labor-d...

[2] https://www.marketplace.org/story/2025/12/18/expect-more-of-...

Isn't it, for something like 70-80% of families? Just in slow-motion?

How long have we been hearing about crushing affordability problems for property? And how long ago did that start moving into essentials? The COVID-era bullwhip-effect inflation waves triggered a lot of price ratcheting that has slowed but never really reversed. Asset prices are doing great, as people with money continue to need somewhere to put it, and have been very effective at capturing greater and greater shares of productivity increases. But how's the average waiter, cleaning-business sole-proprietor, uber driver, schoolteacher, or pet supply shopowner doing? How's their debt load trending? How's their savings trending?