There will be a bunch of layoffs and slowly they'll rehire back to pre-hysteria levels. I think the world is still going to need software engineers no matter what but companies will slow down on new features etc in an economic crunch.
The ripple effect will be felt hard, as American engineers are squeezed between offshoring and more engineers with Big Tech resumes being released into the market, and returnees go push back wages in their home countries in turn
