Uh....no.
Every tech increase creates new need for people. Somebody has to service the new things. Automation cannot replace a human brain, period. Forge the bs from Musk and the other AI people who peddle FUD as clickbait and the scam idiot hedge fund children.
Your idea only works if human thought stops. Queen Victoria knighted a guy for his research which "proved" the world economy would stop because there weren't enough wales to supply whale oil as fuel. Ethernally mythical human replacement AI/automation won't reduce the need for people.
The specific TASKS people perform are replaced by others. Did the world economy collapse when electricity and natural gas replaced physical delivery of coal to homes? Nope. Did the world economy collapse when mass production replaced one-off craftsman creation of shoes? Nope.
Free (to compete on equal terms) market economics has lifted more people out of poverty in the past 20 years than anything else in history. Did that REDUCE or INCREASE the need for labor? It increased it.
There is not, and never will be, any human-created machine that can replace a person. Automation can replace repetitive actions, it cannot communicate or adapt as a person.
Five major factors which HURT people during rapid tech change are:
1) Education systems based on political indoctrination and/or squashing human spirit to force them into being organic repetitive action machines
2) Protein deprivation, intentional or not, which hampers human cognitive ability
3) Population boom when a society's tech advances greater than the society adjusts to declining death rate
4) Evil people who want to control other people. Stereotypical local warlord who controls food supply is a good example.
5) Human stupidity combined with evil people who promote Socialism as a panacea when it is really a method to extort human charity and to steal. Venezuela, anyone?