Re: Glad I don't work there!
That kind of thing has happened before. When the steel mills in the US were shutting down, since the labor employees were unionized layoffs were done in reverse ordering of hiring - the newest guys went first, the senior guys were last. So the market got saturated with labor, wages were driven down, then when the senior guys finally got let go (with the package they'd stuck around to get) there were no jobs to find. It took years, decades really, to sort out.