This is potentially very much like saying, "we burned this little bit of fuel, and all that happened was the fire got brighter because it spread to more fuel! It can never go out!".

There's no reason to expect the job-generation cycle to last forever. In fact there's every reason to believe it can't. The question is whether it ends on a scale more like decades or centuries. To blindly assume that things will continue as they have is foolish. (To be clear, I think the solution looks more like UBI than Luddism.)