No question about the job security angle - a software engineer in tech is the best job security you can get. I also agree it has better work life balance than mangers, as long as you can get yourself motivated to get things done.
Can you explain this? Anywhere I have ever worked (Fortune 500 orgs) I have always had an "at will" employment contract as a W-2 employee. They can fire me at any time for any reason. Furthermore, when budgets are cut typically the first group to go is the IT department, since they do not bring in any revenue, unless the company is selling IT products and services.
Has much less to do with software than strategy: maximize core competencies and minimize overhead.
And the IT budgets are different. Very different. On a related note, remember when some organizations had IT (and specifically web dev) under their marketing departments?
I keep reading that on Hackernews, so it must be true!