But... companies can always fire people? Yes, AI may be a face-saving excuse after post-COVID overhiring, but you can always get fired. Economic downturns, tariffs, you name it. The housing crisis had nothing to do with AI.
The reason that companies don't "RIF any%" (author's words) every year is mostly that they can't do that and stay in business. They need people, and in the "AI doesn't work" scenario, they will continue to need them.
I feel that in the article, the main thesis isn't really developed and just seems like an excuse to talk about class warfare and the evils of capitalism. Which is obviously a fine thing to blog about, but I think it's just preaching to the choir.