Ask HN: When will you be concerned on layoffs?

In recent weeks, I have noticed a lot of tech companies announcing layoffs due to AI. As this continues, when will you be concerned?

Microsoft laying off 10% of their workforce, 15%, 20%, 30%? Google laying off 10%, 15%, 20%, or more?

HN readers like to use the cope of "it's just pandemic over-hiring" — when do you think that explanation will no longer hold?

When will you say: "Now it has nothing to do with Covid-era over-hiring; the industry has fundamentally changed."

If this happens and a significant number of white-collar jobs are eliminated, who would buy things to keep the economy funded?