Got to love seeing the stick so clearly.
Employees can feel how they want to feel but most of my peers seem to have much a much greater fear layoffs than they should have. Many of those folks just haven't been laid off before. I've personally been laid off at least 3 times that I can recall. Once it's happened to you a few times that whole fear goes away, at least in my opinion.
"Wondering if your job is safe" is really not productive. There's no such thing as "safe" in at-will employment.
In my experience, layoffs are the most lazy but antagonistic way to treat those being laid off and the employees that remain. They are almost 100% due to either shareholder/investors wanting a quick cost savings and/or poor executive management and decisions. They don't have anything to do with the employees themselves, although the employees are the ones taking all the risk and receiving the consequences of others' actions.