On the other hand there is always the possibility that we regress to a sort of feudal age, and the lords of the land require that all inhabitants produce children while surviving off of the allotted amount of rations, otherwise they face consequences.

Edit: Not only are there natural corrections that occur, there is also a lot of room for human-made "corrections". Is it ugly? Yes. Is it unfair? Yes. Will it ensure that the local economy continues to function? Yes. The vast majority of us in such a scenario would live in poverty.

(This is where I go off the deep end) Imo, the proliferation of LLM's will truly lead to massive amounts of people being displaced from meaningful work. I foresee that in the not-so-distant future "normal people" who didn't attend elite institutions (or who are otherwise not extraordinary in some sense) will only find "flesh work" available to them - i.e. prostitutes. As long as human flesh exists there will always be work for humans. It's dark, I know, but ask yourself if it's true.

Disclaimer: I find prostitution appalling and sad, but it's existence is no secret.