Google owner Alphabet’s 12,000 layoffs to include Canadian jobs

Very concerning signs as all the major names in technology announced layoffs. At the same time, we get news about the labour shortage, mainly in low-paid service work. As the high-wage work gets hammered, it doesn’t solve the labour shortage on the lower end. The question I have is after the severance packages run out and the finding a new job drops off, how will it affect the rest of the economy that keeps everything working?