When the bubble pops - How AI will destroy the economy
How exactly will AI steal your job? And what will it look like when unemployment skyrockets?
AI is hyped. It is hyped to be able to do all of our tasks much more efficiently than most humans could, very rapidly erasing the need for human labor. The collateral damage? The entirety of the working class. The mass layoffs across the tech sector serve to prove this point. The labor cuts are no longer counted in numbers, but in percentages.
If this is truly a systemic trend, then the mass increase in unemployment is irreversible. AI will wipe out the working class as a whole. If that happens, tens of millions of people will be left without income. Income they’d need to buy goods, services and assets. The prices of assets will fall because the retail won’t have the money to spend on them. Profits will fall, leading to the stock market crash, pulverizing incomes and net worth of millions. The economy as we’ve known it for decades will be destroyed.
Well, if there is an automaton growing cheap food, working for free, it’s a new type of society. It won’t be an easy change but I think the outcome might be good actually?
Like we’ll always need humans, just less in this automated society, and isn’t that great?
I’m not saying all AI crap today is good but I do see a possible good future.
Edit: what a toxic community.
Enjoy the 3 upvotes before the ghouls here wake up.
I think we’re on track to a New disruptive technology, which just like the splitting of the atom can be used for good or bad. The environment impact is really terrible. The fact that it is dominated by half a dozen guys stuck in a dick measuring contest is bad, and the tech may go somewhere, but that’s separate from the economic mechanics behind it (fuelled by a lawless us president they bought).
The bubble can burst even if the underlying tech one day may be seen on the same footing as the invention of the combustion engine.