Yes and no. They tried that in the 90s and it didn't work out. It turns out timezones, language and culture matter. So yes, remote work will mean that US white collar workers will have to compete with workers in other countries, but that's not impossible. We may find that yes, that drags down compensation in the US, but it also pulls up compensation in the rest of the world, and there's just a wider range, more developers available in general and more coding happens as software continues to eat the world. How AI figure into this is anybody's guess - don't believe anyone who claims to know.