Which of those things changed (along with higher interest rates) in the past few years though? All the other variables did not change. They were present 5 years ago and present 10 years ago too. To me that's indicative that those factors are not the cause of a soft market for software engineers in 2026.
I am talking about the weak market for software engineers right now and what caused it.
The front fell off because the base was never built to support a shakeup of the industry. There's so little support, now and for as long as I can remember, for people to fail gracefully in the field. It's just up up up. And now that programmers are finding their jobs to be a little more precarious, maybe folk will start supporting mentorship as a practice.
This isn't just a "market" problem. It's a problem of people not teaching others skills that help them thrive inside AND outside of work.