The Over Sales Pitched World
Life has been pretty boring lately, and it's not just the 1% that can say that. The population is crying out for change and in their search for new sources of satisfaction, they are finding an unlikely ally: technology. This means the world is about to be turned upside down.
No, I'm not talking about a new line of apps or even a new internet connection. I am talking about artificial intelligence. If you haven't heard of this term before, it's time to get prepared. The change is coming and fast.
By the early 2020s, artificial intelligence will advance by leaps and bounds – enough to surpass the ability of humans in all these tasks: voice recognition, face recognition, translation, and driving cars. And since human capability has been our primary source of job satisfaction, employment rates will plummet. In fact, they already have begun to decline and there is no sign that they will turn around anytime soon.
And it's not just the job market that will be hard hit by artificial intelligence. The technology will also change other areas of life like health care, education, entertainment – basically, just about everything.
Now, there could be several reasons for this shift and none of them are good.
First off, artificial intelligence is a double-edged sword because despite its many benefits it can also cause tremendous harm if incorrectly employed or used irresponsibly. Some experts fear that fear of AI has already become so widespread that it will lead to the destruction of humanity as we know it. This makes sense since AI can do a lot more than fill the job market and instead act as an armageddon if misused.
The second reason that artificial intelligence will be a problem is that it decreases the need for manual labor. The days of having to do physical labor are drawing to a close and this means an end to the American dream. In fact, many experts believe that the millennial generation will be the last generation able to physically work and this is why they have started hoarding gold and other precious metals in preparation for their collapse.
The third reason why artificial intelligence will be bad is because of its effect on globalization. By 2020, technology will enable a global exchange that rivals human activity in speed and scale. This means a lot of people will be able to communicate, collaborate, and conduct business on a global level. However, since the majority of these jobs are lower-wage or low-skill jobs, this means cheaper goods and services which will put pressure on the U.S economy. In fact, it is estimated that by 2030 between 47% and 77% of workers in the U.S will be replaced by robots, software or some other form of automation technology.
Let's take a closer look at how this could all play out in the next few years:
The workforce:
The workforce includes the blue collar and white collar workers – from factory workers to office clerks – whose jobs can be taken over by robots. As mentioned above, there will be a global exchange and the jobs that were done by Americans will be taken over by those from Asia.
The middle class:
As technology advances, the benefits they bring to us will become more and more obvious. However, there is a dark side to this as well. Since automation means fewer jobs – and hence less financial support – for most people in developed countries, it also means less money for humans through subsidies and assistance programs. Technology (and AI) are going to force the U.S economy into a long period of austerity which could end up causing revolution or civil war if people feel it's being taken away from them.
Moreover, this will also lead to less work for Americans, and they may feel that they are being left behind.
The poor:
In the U.S., poverty has already been going through a long period of change. Since most jobs have been automated by now, there is less demand for labor and thus very little job creation. The poorest Americans will be affected the most by this as they cannot afford basic necessities like food and shelter.
The rich:
Through automation, a smaller number of people will be able to get richer and richer (they are using their money to buy robots instead of hiring humans) which means the poor may feel that their newfound wealth is only going to their own benefit and not theirs.
The middle class:
Starting around 2026, the middle class will suffer the most. As automation and AI take over new jobs, the lower end of the workforce will be left with fewer and fewer jobs to support a growing population which means that they may start slipping into poverty. And since they cannot afford basic commodities like food, healthcare, education or even clothing – not to mention rent – they will start demanding changes from their governments.
The poor:
By 2034, poverty rates in the U.S are expected to increase by 500% – mainly due to automation. Since the cost of basic necessities like food and healthcare will soar, this will cause an explosion in poverty that quickly spreads to even rich people.
The rich:
By 2040, the U.S middle class is expected to have fallen as low as 5%. This means that only the poorest 5% of Americans will still be able to afford basic necessities like food and shelter.
The poor:
The Poor in the U.S are expected by 2041 to have a 50% poverty rate, compared to only 19% for middle income Americans (and about 12% for upper tax income earners). Since only 1/3 of all jobs in the U.S are considered to be high-skill, this will mean a 100% poverty rate for the poor in America.
The rich:
Now is when the massive economic divide starts becoming a huge problem. By 2045, the gap between rich and poor will become an even bigger issue and it will also seriously erode democracy in America. Why? Because by then, only about 1% of adults in the U.S will be earning a decent income while everyone else continues to live in poverty. In fact, most of these people will not be able to afford even food or shelter, so they may start revolting against the government and their fellow citizens.
The poor:
By 2050, there will be no middle class left in the U.S and more than 20% of all Americans will be living in poverty. They will begin to riot and protest against their government which they will claim is not doing enough to help them and this could lead to the establishment of a state that takes care of its citizens in every way possible.
This could also lead to many more jobs and companies moving away from America which means that the economy becomes even worse as well as political unrest.
Conclusion:
The rise of artificial intelligence is not only going to destroy the American dream of economic prosperity, but it will also lead to a major rise in poverty. This is why experts recommend that the U.S make a plan for how to deal with this problem before it spins out of control. Either that or a huge crackdown on welfare recipients, jobseekers and illegal immigrants will have to be conducted. If not, the U.S could be catapulted into an economic crisis from which it may never recover from – especially if other countries are already prospering with higher standards of living and better quality services and goods that their citizens can enjoy.