Lifeboat Foundation

Artificial intelligence and increasing automation is going to decimate middle class jobs, worsening inequality and risking significant political upheaval, Stephen Hawking has warned.

In a column in The Guardian, the world-famous physicist wrote that “the automation of factories has already decimated jobs in traditional manufacturing, and the rise of artificial intelligence is likely to extend this job destruction deep into the middle classes, with only the most caring, creative or supervisory roles remaining.”

He adds his voice to a growing chorus of experts concerned about the effects that technology will have on workforce in the coming years and decades. The fear is that while artificial intelligence will bring radical increases in efficiency in industry, for ordinary people this will translate into unemployment and uncertainty, as their human jobs are replaced by machines.

Continue reading “Stephen Hawking: Automation and AI Are Going to Decimate Middle Class Jobs” »

Technological unemployment speeding up, and the elite types as always trying to get the poor and middle class to go at each others throats, rather than address the elephant charging at both of them, that robots and AI are coming for all the jobs in under 10 years now.

Other states are also learning the same basic economic lesson: Customers have a limit to what they will pay for service. Voters in Washington, Colorado, Maine and Arizona voted to raise minimum wages on Election Day, convinced of the policy’s merits after millions of dollars were spent by union advocates. In the immediate aftermath, family-owned restaurants, coffee shops and even childcare providers have struggled to absorb the coming cost increase—with parents paying the cost through steeper childcare bills, and employees paying the cost through reduced shift hours or none at all.

The out-of-state labor groups who funded these initiatives aren’t shedding tears over the consequences. Like their Soviet-era predecessors who foolishly thought they could centrally manage prices and business operations to fit an idealistic worldview, economic reality keeps ruining the model of all gain and no pain. This brings me to my last correct prediction, which is that the Fight for $15 was always more a creation of the left-wing Service Employees International Union (SEIU) rather than a legitimate grassroots effort. Reuters reported last year that, based on federal filings, the SEIU had spent anywhere from $24 million to $50 million on the its Fight for $15 campaign, and the number has surely increased since then.

Continue reading “Thanks To ‘Fight For $15’ Minimum Wage, McDonald’s Unveils Job-Replacing Self-Service Kiosks Nationwide” »

In Brief:

• Computing pioneer, Vinod Khosla, envisions a future where Artificial Intelligence will take over 80 percent of IT jobs.
• IT guys are not the only white collar professionals who Khosla sees as replaceable by VR they also join doctors, lawyers, and accountants on the growing list.

In the past, the United Nations has considered the threat posed by weaponized AI, but now the body is looking at a more mundane, but still important, robot invasion. A report from the latest UN Conference on Trade and Development has outlined how the increasing use of industrial automation is impacting jobs in developing countries, and what strategies may help in overcoming the problem.

Robots taking over human jobs has been a concern for decades, but those concerns generally focus on developed countries. The report points out that developing countries in Africa and Latin America may be at greater risk of having their industrialization slow down, since the increasing use of robots is eating into the low-cost labor advantage that developing countries have traditionally held. Up to two thirds of those occupations may be at risk.

Another issue is the trend of “reshoring.” Functioning as opposite of offshoring, reshoring sees companies move their labor operations back to developed countries, to be carried out by robots or automated systems. While it has the potential to disrupt developing countries from industrializing, the report notes that reshoring has so far been slow-paced, and hasn’t undermined the continued offshoring.

A vast majority of global investors believe AI and robots will destroy huge numbers of existing jobs.

For Americans struggling with stagnant wages, under- or un-employment, one of Donald Trump’s most appealing campaign promises was to bring manufacturing jobs back to the U.S.

Navigating the complexities of policy, tariffs and geopolitics would make that hard enough already for the president elect. But technology will make this promise nearly impossible to fulfill.

Why? Because manufacturing jobs are increasingly done by robots, not people.

Continue reading “Trump promises to bring back manufacturing jobs, but robots won’t let him” »

In Brief:

• Experts assert that, in the coming years, robots will take over hundreds of thousands of jobs that are traditionally done by humans.
• In a recent interview, Elon Musk stated that Universal Basic Income may be the only economic response to this increasing automation and job loss.

The Tesla and SpaceX CEO says that a universal basic income will allow more time for leisure.

They’re worried about their jobs but otherwise optimistic.