Exactly the same thing can be said of anything that has become automated; any machine manufacturing has offset the physical labor jobs. You can even argue that things like nail guns and power saws resulted in massive loss of jobs since one person can suddenly do the job of 6.

I think that in the next human generation or two we will end up seeing all menial and physical labor jobs being replaced by machines, leaving only entertainment and intellectual jobs.

I also am not sure whether "loss of jobs" really is some sort of absolute concept. Imagine that tomorrow all jobs could be done by "thinking" machines, even software development and architectural design and whatever. Suddenly everyone in the whole world lost their job; does that mean that everyone is out starving on the streets and there are just empty foreclosed on houses across the country? Obviously not; all of the same material wealth still exists to be divided across the same number of people (assuming the thinking machines don't care about material comforts).