Except, of course, it's not the same as it ever was because you do actually run out of jobs. And it's significantly sooner than you think, because people have limits.
I can't be Einstein, you can't be Einstein. If that becomes the standard, you and I will both starve.
We've been pushing people up and up the chain of complexity, and we can do that because we got all the low hanging fruit. It's easy to get someone to read, then to write, then to do basic math, then to do programming. It gets a bit harder though with every step, no? Not everyone who reads has the capability of doing basic math, and not everyone who can do basic math has the capability of being a programmers.
So at each step, we lose a little bit of people. Those people don't go anywhere, we just toss them aside as a society and force them into a life of poverty. You and I are detached from that, because we've been lucky to not be those people. I know some of those people, and that's just life for them.
My parents got high paying jobs straight out of highschool. Now, highschool grads are destined to flip burgers. We've pushed people up - but not everyone can graduate college. Then, we have to think about what happens when we continue to push people up.
Eventually, you and I will not be able to keep up. You're smart, I'm smart, but not that smart. We will become the burger flippers or whatever futuristic equivalent. Uh... robot flippers.