We are learning more and more every day about why AI is bad for the economy, and it all boils down to a level of job disruption we have never seen the like of before.
Did you know that automation technology has been the main source of income inequality in the United States for over 40 years now?
The industrial revolution changed the game when it came to almost every technology that we make use of today. Now imagine the industrial revolution, but fifty times bigger and fifty times faster.
The results are going to be catastrophic.
We already live in a capitalistic society that is built around the very idea of income inequality. In fact, the top 1% sit on twice as much wealth as the entire rest of the planet combined. You’d think we’d hit rock bottom, and that it is only up for here – but because of AI, we haven’t even scratched the surface.
In this article, we’ll delve into the statistics of job disruption and economic inequality to see why this is, what is going to happen, and how we can stop it.
AI Job Disruption: The Facts
Whether you like it or not, the people in control of AI development are people close to or in the top 1%. Their only goal in life is to become richer, not to make sure that the future is brighter.
Silicon Valley and the technological henchmen that reside there are ensuring that the development of Artificial Intelligence won’t stop any time soon (even though people tried), and as a result, we are all going to suffer.
Now listen, I won’t pretend that new jobs aren’t going to be made because of Artificial Intelligence. After all, the industrial revolution initially ended up creating more jobs than it took away.
The problem, however, is that the jobs Artificial Intelligence will take do not mash up with those that it will provide. Ideally, we live in a world where people simply “adapt” to the use of AI, and instead of being replaced by it take control of it.
But that’s simply not how the world spins.
Artificial Intelligence will put a stop to jobs all over the place. To list a couple of examples, Buzzfeed laid off 12% of their entire workforce to AI, Dropbox 16%, Insider 10%, IBM almost 8,000 workers — and McKinsey predicts 30% of the workforce of the entire world will be replaced by AI by 2030.
How do you tell someone who spent their whole career preparing to be a media analyst, copywriter, or data entry, to just “learn AI instead”? Millions of people are going to lose their livelihoods, and it will be all for the benefit of rich billionaires.
Think of the biggest companies you know: Amazon, Google, Microsoft, Apple… who do you think has benefited most from AI? Who do you think are its biggest investors?
These companies run the rest of the world, forcing us all to abdicate to a reality of their choosing. Like Thanos getting the last stone for the Infinity Gauntlet, the billionaires are now piecing together the last part of the puzzle to ensure technological world domination.
So guess what happens? The richer get richer, the middle class gets poorer, and the poor get… also poorer. This will clearly do nothing but hurt humanity in the future.
There’s this legendary conversation between Walter Reuther and Henry Ford that comes to mind. Walter Reuther was a prominent labor union leader and Henry Ford was the founder of the Ford Motor Company. The story takes place at the Ford River Rouge Complex in the 1940s.
According to the account, Walter Reuther and Henry Ford were touring the factory, where Ford had famously implemented a significant amount of automation in the production process. As they walked through the plant, Ford pointed to the machines and proudly exclaimed, “Walter, how are you going to get those machines to pay union dues?“
In response, Reuther allegedly looked around and replied, “Henry, how are you going to get them to buy your cars?“
The conversation has been brought up many times throughout the years to highlight the tension between labor unions and industrialists automating as much of their production processes as possible, a conversation that is now experiencing a re-surging relevance because we are going to face the exact same thing.
If you haven’t noticed, the economy is going downhill everywhere you look. People are struggling to put food on the table, and people in all sorts of tax brackets are getting laid off left and right.
Fewer people to buy, meaning less revenue, more layoffs, and a vicious cycle that continuously perpetuates a classist future where your job will be taken by a machine that doesn’t require a salary, benefits, or sick leave.
So what the heck can we do?
You stay knowledgeable and prepare for your potential career tank. Have a backup plan, be aware of the potential consequences, and understand that it is every man for himself out there.
I truly believe in stoicism. The philosophy is that we should only worry about things we can control. It’s not easy, because I worry every day about the future my children will have to live in, and that is why I write blogs like these. I might not be able to change the overall outcome of AI, but I can help people understand the dangers and consequences and act accordingly.
You can stand up for what you believe in, while still understanding that fighting against a technological revolution fifty times as big as the industrial revolution won’t be an easy task.
Instead, we stay educated – and work with the information and ideas that we are in control of.
Why AI is Bad for the Economy: Navigating Job Disruption
It can be easy to get caught up and paralyzed by the overwhelming thought of Artificial Intelligence taking over our society, economy, and job market. Yet it’s important that we understand why this transformation is happening:
Greedy billionaires, ignorant and numb users of technology – and people’s inability to understand change.
It is clear that the only thing you can do to brace yourself against the imminent doom of AI is to start building your raft of knowledge so that you can save yourself, your family, and your legacy.
A lot of people already know how dangerous it is, which makes it all even more terrifying. Is it apathy or dread that is preventing people from avoiding AI? Regardless, you can read all about what the western worlds public opinion of Artificial Intelligence is right here.
Want to make a difference? Learn about AI without abusing it. Read human-generated content, don’t use AI to serve you in all ways, and encourage your those you know to see reason in this plague.
Be aware of AI, and learn its consequences. You can learn all there is to know about the negative impacts of Artificial Intelligence by scrolling out extensive library right here.