"Well you've never experienced a downturn so get used to it". True, but this is like no other downturn before it. If anything I'd argue people are underestimating how long it's going to take before all the senior guys in GA that were ready to move on see any light at the end of the tunnel. I think the ones that are underestimating it are lying to themselves, because what other option is there. To accept that your career will now stagnate for the next several years whilst you're stuck on the bottom rung is a tough pill to swallow.
Well, some of those higher up the ladder will give up and drop off the ladder. If you have a current job in this environment I would hold on with both hands, personally.
1970s Hijackings
1978 American de-regualtion
1989 pilot's strike.
2001 Sep 11 attacks.
2008 Financial collapse.
2020 Covid pandemic.
Happens every 10 years, as a cycle.