We need contingency plans. Most waves of automation have come in S-curves, where they eventually hit diminishing returns. This time might be different, and we should be prepared for it to happen. But we should also be prepared for it not to happen.

No one has figured out a way to run a society where able bodied adults don't have to work, whether capitalist, socialist, or any variation. I look around and there seems to still be plenty of work to do that we either cannot or should not automate, in education, healthcare, arts (should not) or trades, R&D for the remaining unsolved problems (cannot yet). Many people seem to want to live as though we already live in a post scarcity world when we don't yet.