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This is true, and always has been, though would you say that the competition will be ever more cutthroat going forward? Not everyone can be a genius programmer, and even those who could may be unlucky in terms of opportunities for advancement, so people who don't live and breathe code (or whatever career in general) may be finding that their place in society is shrinking.

Not true. As technology goes forward and big companies get bigger, the role of individual contributors becomes less and less impactful on the overall performance of the business. At the end of the day all these processes, or at least most of them, are there for a reason: avoiding a collapse if Mr. 200IQ leaves and an average competent employee is hired in their position.

IMHO the trend is going in the opposite direction: people with extraordinary talents find that their place in society is shrinking, as workplaces become more and more like average salary factories.

You can remove "FAANG"

You're suffering from FAANG Derangement Syndrome.