> (Of course this breaks down heavily if the human buying power stops constantly rising and there's de-facto less demand for goods and services)

This is what I'm talking about. I can easily envision waves of layoffs in areas like the service industry that historically have been highly resistant to productivity increases in the past. Hell, there's a whole industry based on arguing with insurance companies over billing that could potentially evaporate overnight[1]. That alone is hundreds of billions of dollars, and that's just one example.

[1] https://www.americanprogress.org/article/excess-administrati...