Just because a worker is less productive than a machine doesn't mean he is out of work.   All it means is that his wage is lower than the machine's "wage".  

But if automation happens across the board, falling wages will happen in conjunction with falling prices, and most workers will not notice a drop in real wages, except in comparison to things that are naturally scarce such as land, energy, and bitcoin.

Either that, or prices will not fall, since the "Tech Elite" will keep all the fruits of increased productivity to themselves, but in that case ordinary workers will still be able to compete in a parallel society and again not notice much of a difference.

And by the way, forget about the "Tech Elite". They will be the first to suffer from falling wages, since pure knowledge jobs are the easiest to replace with software.  I think we are heading back towards a Medieval-style society where technological innovation is mainly driven by enthusiasts tinkering on open-source projects and a few geniuses sponsored by old money and rich land owners.  

If I were to give career advice to a child born today, I would tell them to forget about science and engineering and become a stand up comedian, since this is the most difficult-to-automate job that I can possibly think of.