Historically, yes, but I think that's a fatally flawed analysis this time around.
It's important to consider the minimum skill level required by the market. Not all jobs require the same level of mental acuity. To date, automation has consistently removed lower skilled jobs and replaced them with higher skilled ones.
There are obviously physical limits to that process and I am convinced that we are rapidly approaching them. Take a look through the present day cutting edge results in machine learning, remembering that today's cutting edge is tomorrow's par for the course.