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Experts predict robots will take over 30% of our jobs by 2025 — and white-collar jobs aren't immune
Robots taking over should be very deflationary. Good for those that already have built their wealth, but not so great for those in debt or trying to build wealth.
I could see governments getting more aggressive with money printing/welfare if that's the case. Theoretically they should be able to offset some of those deflationary forces with "free money".
"I Could see governments getting more aggressive with money printing/welfare if that's the case. Theoretically they should be able to offset some of those deflationary forces with "free money"."
That "free money" means higher taxes on the producer class in this country. The government is painting itself in a corner if it takes that road forward. This labor evolution is the first I know of where there are no new classes of jobs to take the place of the ones becoming obsolete. In every other age, labor could transfer into the new jobs. Not this one. I really feel for the young ones these days.
No by "free money" I literally mean free, created/printed money to counter balance the deflationary forces. If robots mean a significant productivity boost, due to reduced labor costs then there won't be any significant threat of inflation.
Inflation is the primary constraint for money printing IMO.
Just another perk of being in the demographically "elderly" class (over 65) and financially secure category. Not so much so though for our kids and grandkids.
I get what you guys are saying about worrying about the young folks but there are a many benefits of new technology. When you consider how much better the lives of you people can be now vs what our parents and grandparents went through to get ahead.
I think kids today in many ways have it much harder but in many other ways it's far easier.
@clacy, Good point. The prior generations did a lot of the work by hand. The shovel was the tool instead of a backhoe. It also took more people back then to accomplish the product. In automobile assembly plants, the entire car from top to bottom was built by hand. Today, robots do the majority of the work.
Physically the young generation should have a far less strenuous work life in general. Today's companies are realizing the advantage of time off versus the two weeks a year most workers had in the past. Safety is a huge plus now versus then.
This trend has been going on for decades. Manufacturing, aeronautics, accounting, medicine, even farming are becoming more automated with increased computer systems and robotics. Careers in the future will be ones of programing and design with many jobs not even thought of yet or imagined. 50 years ago who would have thought of how the internet has transformed us, 50 years from now who know what will be.
Comments
I could see governments getting more aggressive with money printing/welfare if that's the case. Theoretically they should be able to offset some of those deflationary forces with "free money".
That "free money" means higher taxes on the producer class in this country. The government is painting itself in a corner if it takes that road forward. This labor evolution is the first I know of where there are no new classes of jobs to take the place of the ones becoming obsolete. In every other age, labor could transfer into the new jobs. Not this one. I really feel for the young ones these days.
Inflation is the primary constraint for money printing IMO.
I think kids today in many ways have it much harder but in many other ways it's far easier.
Physically the young generation should have a far less strenuous work life in general. Today's companies are realizing the advantage of time off versus the two weeks a year most workers had in the past. Safety is a huge plus now versus then.