Now you have a glut of skilled workers all chasing the few remaining well-paid jobs, and driving down their wages in the process. Plus you still have a huge ma

Now you have a glut of skilled workers all chasing the few remaining well-paid jobs, and driving down their wages in the process. Plus you still have a huge mass of unemployed people who ended up in those jobs because they lacked either the aptitude of temperament to gain skills in the first place, or are too old, poor or poorly situated to take advantage of the opportunity now. Soon, due to the dearth of people employed, and the shrinking wages of the minority who are, there is no longer enough people left with money to buy most goods and services. As a result, businesses start to shut down, exacerbating unemployment and sending the economy into a contractionary death spiral. Yes, in a healthy job market, people will gradually retrain and relocate in order to fill demand. But what we're talking about here is a total breakdown in the jobs market, to the point where it becomes non-functional. It's the difference between supply problems causing the prices of a few foodstuffs to rise, and an unending drought that destroys harvests year after year. The market can cope with the first, but not the second. The result will be famine and mass starvation.