The fear of artificial intelligence (AI) taking over jobs is prevalent, with economists estimating that two-thirds of American occupations are now exposed to AI-driven automation. This technology is different from past advances and poses a threat to the labor market, potentially eliminating 300 million jobs in the coming decade. While an AI jobs revolution need not be feared in the United States, there is a lack of policies to support workers in the event of mass job loss. The universal basic income (UBI), a 500-year-old policy idea, could be a solution. By distributing money to everyone, this policy can address the inequality caused by AI and ensure everyone benefits from economic growth. However, a cultural shift is needed to prioritize wealth sharing and financial security for all families. The problem lies not with the technology but with society itself.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| AI threatens to automate two-thirds of American occupations | Potential mass job loss | Universal basic income implemented to redistribute wealth | Potential inequality and job obsolescence |
| Government needs policies to support workers in the event of AI job loss | Lack of support for workers | Implementation of policies to protect workers | Lack of existing policies |
| Universal basic income could be a solution to AI-driven job loss | Redistribution of wealth through UBI | UBI implemented to correct AI-induced inequality | Inequality caused by AI |
| AI could lead to mass unemployment and wage stagnation | Potential for high unemployment and stagnant wages | UBI implemented to prevent inequality and support workers | Economic inequality caused by AI |
| New policies and mindset needed in a world with less human labor | Need for new policies and mindset in a changing job market | New policies to support financial security and work-life balance | Paradigm shift in understanding wealth and work |