@veff @PraxisOfEvil I think another major factor in the market is the massive importation of foreign scabs via H1B. It doesn't matter that they can't code for shit, (((management))) DGAF.
Another thing going on is when people went into tech, they pretty much went massively for computer/internet based fields. Some of the more niche, hardware rich tech fields, like industrial automation and controls, seem to still be doing OK, at least from my limited experience. I was able to break into it with just my strong background in electronics from another industry.
The best general advice I can give for young guys is stay away from the job paths with a high profile. If everyone knows about it, and everyone is going for it, you're gonna have a hard time. Even if you adopt it early enough you might end up like that old guy with years of experience but can't find a job. Look for the jobs no one talks about, cannot be outsourced and don't require extensive college to get into. Ideally, get a job that develops a skill set that translates well to a diverse set of career paths. That way if you hit a wall you can change paths without having to learn a whole new skill set.