It seems to be implied that it's not technology workers (as in devs, dbas, pms) that are over hired, but instead the left-leaning riff raff.
This is absurdly false in the general case. For one, Amazon doesn't even have much content to moderate.
On the general point: these doomsday scenarios are usually exaggerated. Software jobs are still growing. We just need to grow than at a normal rate.