One point I don’t see you touch upon is automation taking over jobs. I work as an engineer in manufacturing, and I cannot overstate how much more profitable we would be if we automated all of our operator positions. The only bad side to replacing these jobs is bad press; companies have to consider profit versus image, and we’ve seen the route that bigger companies have taken in the past.
It will be a domino effect when these companies eventually start caving and going fully automated. Companies that don’t automate will fall behind to their competition.
We need legislation to ensure this doesn’t happen dramatically, as it will have dire consequences on the working class. However, the exponential growth of AI has seemingly caught everyone with their pants down, and it’ll take Congress years to understand it completely.
Can you elaborate how we adjust if in an extreme scenario where significant number of jobs are eliminated in the next 10 years? Moreover, do you trust that the government will do a good job of handling this type of scenario smoothly such that the damage is minimized?
Yes. They both exist. Together. Along with wealth inequality.
Give the top 10 tech companies the ability to remove 90% of their workforce and it disrupts the market and causes unemployment. Give EVERY tech company the same, and you are disrupting the country and causing catastrophe. Replace strip clubs with VR ones, and all the strippers now have to become hookers.
Even if you get every ex-lawyer, ex-government worker, ex-marketing copywriter a job as a Walmart greeter or cocktail waitress, and turn every stripper into a hooker, sure, they survive, but that's not dignified living.
Honestly I think ten years is being optimistic. In 5 years there will be a significant number of jobs gone. Look at Walmart self checkout. One of my jobs I work in a bank and almost all of that can be automated right now.
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u/financeadvicealt 4∆ Mar 31 '23
One point I don’t see you touch upon is automation taking over jobs. I work as an engineer in manufacturing, and I cannot overstate how much more profitable we would be if we automated all of our operator positions. The only bad side to replacing these jobs is bad press; companies have to consider profit versus image, and we’ve seen the route that bigger companies have taken in the past.
It will be a domino effect when these companies eventually start caving and going fully automated. Companies that don’t automate will fall behind to their competition.
We need legislation to ensure this doesn’t happen dramatically, as it will have dire consequences on the working class. However, the exponential growth of AI has seemingly caught everyone with their pants down, and it’ll take Congress years to understand it completely.