Its interesting that wallstreet is literally going gangbusters on all this AI craziness, equities and the spy and nasdaq wouldn't be anything near where they are today without ai ....but what i find fascinating is that the amount of job losses ai will create is being kept quiet, nobody speaks of how many tens of millions of jobs in the next 5 years alone will be lost to AI, yet everyone is cheering ai....as we know gdp is 70% of consumer spending, with tens of millions of jobs lost where will all these consumers get their next dollar to keep spending and keep wallstreet happy? Don't tell me universal basic income.......
With every new technology there is the fear of massive job losses. People find other jobs. With all the technological gains our population is the highest it’s ever been and we still have full employment.
This time i would look at it very differently....just think of taxi drivers, thise jobs are all gone, all those delivery drivers and truck drivers. Poof gone. All the radiologists, accountants, translators, all the representatives taking your calls, gone gone gone, this is the first time in history where hundreds of millions of jobs worldwide will not be able to shift into new jobs...
Bill Gates predicts a 2 day work week within a decade. What I wonder is, how will everyone pay off their debt? The world is swimming in debt. So lets just assume that technology allows us to work less. Does everyone's income massively go up for those 2 days so that your debt can be paid off? What a joke. Lets not forget that the only reason the economy functions is because of debt. People and corporations borrow money in order to grease the gears of the economy. So the math just doesn't add up. And yes, this is another plug for Bitcoin. If there is actually going to be less work for people, and even if your basic needs will be met with less work, the debt still has to be cleared and a non-debt based system needs to be established. This isn't possible with a fiat world. (I mostly wrote this because I see my good friend @newwurldmn participating in this thread!! ) https://fortune.com/2025/03/27/billionaire-bill-gates-two-day-workweek-ai-replacing-humans/