“Most of the tech jobs have not been laid off yet.”
Tech and other areas all have to shed more excess workers. Unemployment has to get to at least 5% (which is considered full employment due to a more mobile workforce) to slow inflation. It may have to go higher than 5%.
We all remember inflation, that thing we want to see lower. This is how you get there. Most everyone here has said for years that we are going to pay for all that spending.
It’s payment time.
Unemployment doesn’t slow inflation. It is sometimes a result of high inflation and sometime not.