Questions is - are there enough jobs out there to absorb all of us who get laid off?
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Yes but at half the pay.
Probably depends on the job type but the current state of the economy won’t help.
I wouldn’t wait for a package unless you have some crazy amount of tenure that equates to a large package in which you can afford to get by without finding a new job quickly. Otherwise, start looking now and don’t wait for the pool of people (your competition) to increase which hurts the odds of landing a new job