That won't happen. There is no reason for it to happen anyway given that AI agents are more efficient anyway.

Microsoft and others are more focused on building data centers (homes for AI agents) than hiring humans at this point.

Fewer people means less qualified applicants for the same jobs, which means wages go up. Maybe companies like Microsoft have enough dead weight that they will just absorb the losses in growth but most companies don't have that luxury and this is hitting staff aug body shops so it will hit mid market and small employers as well unless it gets overturned.