Many people (including me) believe the problem isn't overblown. A common counterargument to your point is that humans have always had the ability to do work at higher abstraction levels than the machines replacing them. Scribes become unemployed but can retrain as typographers, press operators, digital layout artists and so on.

The problem comes when robots begin to perform these higher order tasks. What happens to individuals when they have no "higher" place to move into? What happens to society when automated replacement becomes commonplace?