I think
it isn't exaggerated at all. But it just a part of a puzzle, one of many things that sort of
reinforce each other.
Just an example: There are scientific studies that clearly prove that
each coming generation is worse when it comes to "employability". Not only that younger people are less creative, less intelligent, but they also have lesser sense for responsibility, very little attention span, do only the work they enjoy doing, etc.
Of course one cannot generalize here, and there are still many creative and intelligent young people, but we
speak here about the averages, what is the only correct thing to speak about when dealing with macro economy problems, like the one you specified OP.
Now what causes this situation? One may hardly argue that to a big degree social networks, smart phones, and now AI is to blame. So they make people less interested in jobs and also harder to employ, while at the same time the technologies will replace many of the jobs these people normally used to have.
Then of course,
deeper problems arise, such as what will these people do, with all their days? If they get the universal income and don't do nothing productive (just spend more time on SM, AI, this fcking apple Vision pro and similar unreal crap), they will only
degenerate more, be even more easy to manipulate as they already are, harder to get employed, etc, etc. And then the loop continues
...
The crash of IM as we know it, and already observe it to some extent, is just
the tip of an iceberg... there will be much bigger problems than that, believe me. If I had such a power, I would ban AI immediately, or at least reduce the use of it to huge extent. But likely it is
impossible, and such a ban will never happen. In less then 10 years from now we will all see the impact of the ignorance to this dark side of AI. And for me it won't be too much fun observing it...