> greater portions of the workforce are replaceable with capital nowadays

I totally agree. I think this is even something they intended. And the workforce parts that aren't capital are more serving the capital (running expensive machines) rather than the machines helping workers be more productive. People's jobs have been tailored around becoming replaceable widgets, where you want to be able to replace someone as fast as possible (with minimal training).

But all this is basically saying the Phillips curve is dead. In that, lower unemployment doesn't lead to higher wages.