The concept assumes there are replacement jobs being created. That was true for a hundred years, it hasn't been for the last 20+.

At some point automation eliminates jobs wholesale, and there aren't replacements waiting. People always refer to cars replacing horses and point out that all those jobs surrounding horses were replaced with something else - manufacturing plant jobs, car salesman, etc. What they fail to mention is that HORSES were replaced with CARS - and we've got far, far, far fewer horses on the planet today because they're just not needed.

We're the horses...