Do you think if technology is really cutting down employment opportunities?

Nowadays you can see instances of manpower downsizing and restructuring in almost all companies.  Whenever there is a drop in business profits compared to expenses the first thing they would do is to cut down the manpower.  It can directly impact their net profit.  But there are cases of manpower downsizing only because they implemented a new technology which can replace a large number of people easily.  It would be error free, fast and economic over a period of time.  But my doubt is that where all these people would go once they are out of job.  I am sure most of them are family persons.

In private firms they don’t even pay basic compensation for these exiting employees. But ultimately when the purchasing power of public goes down who will buy their products.  Nowadays wealth is getting concentrated in the hands of a handful of people.  There is wide spread inequality in distribution of wealth which is creating a lot of unrest everywhere.
Do you think technology is actually taking our rights to earn our daily bread?