Fed chair Powell says AI is coming for your job It may not happen today or even tomorrow, but US Federal Reserve chair Jerome Powell is confident that someday soon AI is going to seriously change the US economy and labor market. Speaking to the US Senate Banking Committee on Wednesday to give his semiannual monetary policy report, Powell told elected officials that AI's …
<....."Fed chair Powell says AI is coming for your job".......>
Fed chair Powell says AI is coming for his job
FTFH
His job is probably one of those which could be replaced by some form of AI, but AI has a long way to go yet before it is going to be capable of replacing anyone who is actually capable of doing the job expected of them. Whilst there seem to be countless numbers of people who don't seem capable of doing the job they have been given, that doesn't mean that AI will be the best choice to replace them, rather than taking the care to select the right person in the first place.
Makes you wonder what people are going to do with all their new leisure time … well when they aren’t pushing a Walmart Curbside collection cart - or joining ICE as a goon - to scrape a living.
Self evidently they will be living out of a van like in Nomadland so won’t have rent to pay.
The suggestion is that AI will replace starter positions largely. These will affect non-qualified/graduate starter jobs. This is already happening with the new graduate job market probably as bad as it has been for a while.
So the question is what then?
We will have a huge number of dis-affected youths many with huge debts built up at uni, who are basically locked out of the job market. Without that the challenge of getting on the property ladder, setting aside pensions etc (which are already difficult ) become insurmountable. Therefore starting families, leaving home etc are delayed yet again. Instead of the well paid jobs that they were promised, they have to fall back to that modern indentured servitude of the gig economy
The question no one ever answers with AI is who benefits and who pays. The pitch is always about increased productivity and efficiencies, which is great if society as a whole benefits. However increasingly any profits are syphoned off to industrial elites who spend their largesse's to buy news and media channels in order to lobby to make sure that they are protected. At the same time their is an increasing disaffected population who turn to far right parties offering easy solutions, while at the same time those same parties are pandering to the very people causing the issues in the 1st place.
The question with AI should never be what can we do with it, but whether we should. But if it does happen, who should benefit and pay for the societal disruption caused
In the 70s we were promised the robot revolution would result in a world of leisure where our plastic pals would do the work for us. That never happened , but at least we could transfer the workforce to creative industries. It is hard to see where we will go now, and we know that rather a society of leisure we will instead have a two tier society with those at the top who control and directly benefit from AI and the large majority marginalized at societies edge.
History has shown, that never ends well
The Register 
Biting the hand that feeds IT
Copyright. All rights reserved © 1998–2025
