The people on this forum who go on and on about "we have gone through this before and society kept going, people were fine in the end" are half right. Society as a whole did keep going and people outside of the Rust Belt weren't directly affected.
But what is different this time is that this is going to annihilate 70-90% of jobs in the "knowledge sector" and it is going to do so very, very quickly. This will knock out most of us comfortable engineers, but also middle management, consultants, journalists, writers, artists, paralegals, influencers, wall street traders, maybe even teachers, lawyers, and doctors to an extent.
I don't know what the US will do with the middle/top of the income brackets all across the country suddenly facing mass unemployment and then the subsequent race to fill service or trade jobs. How is a software engineer who got a 30 year mortgage that costs $3k a month going to survive going from a $180k a year salary to being an electrician apprentice at $50k a year? And that is in an environment where this hypothetical former engineer was the top candidate out of 100 other former engineers vying for a spot. GPT-4 will kill many people via unemployment unless it is paired with a UBI, or at least that is my pessimistic view.