It depends on what you do in that tech company. Developers generally will always have job-security in these sense that even if they get retrenched there is always another job waiting for them. It's the non-techy staff in the tech companies that are the first to go.
This is true; developers generally are spoilt for choice; a developer will most likely land their next gig in a few weeks if something happens. However, I do not think this means complete immunity from being laid-off; kind of depends on what the market is looking like, and other factors.
That's exactly why the American economy is so flexible. Our government still hasn't realised the link between our rigid labour laws and the high unemployment we suffer from. They would rather have a low number of people in secure work than a high number of people in unsecure work. It's been shown over and over again that the latter benefits the economy far more than the former.
I am a little mixed on this. With little to no labour laws in place, you can expect a lot of employers won't play fair on providing basic supports to their employees. While a good number of employers in such countries often provide decent basic supports, there are those that won't try.