by Michael Snyder, The Economic Collapse Blog:
Is your job in danger? We live at a time when the development of artificial intelligence is growing at an exponential rate. AI can already perform lots of tasks better and far more efficiently than humans can, and it appears to be just a matter of time before AI can do virtually everything better and far more efficiently than humans can. So once we get to that stage, why will the elite need us? Throughout human history, the wealthy have needed the labor of the poor. But if AI will soon be able to do almost all of the labor that we have been doing, what use will we be?
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The elite certainly don’t need our money, because they already control almost all of the wealth.
In America today, the top 50 percent own 97.5 percent of all the wealth and the bottom 50 percent own just 2.5 percent of all the wealth…
The richest half of American families owned about 97.5% of national wealth as of the end of 2024, while the bottom half held 2.5%, according to the latest numbers from the Federal Reserve.
It really stinks to be in the bottom half.
Much of the country is just barely surviving from month to month, and meanwhile the percentage of the wealth that is owned by the top 0.1 percent has risen to a brand new all-time record high…
The top 0.1% expanded their share of total wealth to a record 13.8% at the year’s end, up from 13% in the same period of 2020.
For a long time, the rich needed the poor to work in their factories and run their businesses.
But now AI is taking over.
In fact, Bill Gates says that humans will soon not be needed “for most things”…
Over the next decade, advances in artificial intelligence will mean that humans will no longer be needed “for most things” in the world, says Bill Gates.
That’s what the Microsoft co-founder and billionaire philanthropist told comedian Jimmy Fallon during an interview on NBC’s “The Tonight Show” in February. At the moment, expertise remains “rare,” Gates explained, pointing to human specialists we still rely on in many fields, including “a great doctor” or “a great teacher.”
But “with AI, over the next decade, that will become free, commonplace — great medical advice, great tutoring,” Gates said.
In this particular case, Bill Gates is quite correct.
We are creating ultra-intelligent entities that can absorb vast quantities of information in the blink of an eye.
Gates believes that we are entering an era of “free intelligence” in which many doctors, lawyers and teachers will simply become obsolete…
In other words, the world is entering a new era of what Gates called “free intelligence” in an interview last month with Harvard University professor and happiness expert Arthur Brooks. The result will be rapid advances in AI-powered technologies that are accessible and touch nearly every aspect of our lives, Gates has said, from improved medicines and diagnoses to widely available AI tutors and virtual assistants.
“It’s very profound and even a little bit scary — because it’s happening very quickly, and there is no upper bound,” Gates told Brooks.
In a different interview, Bill Gates envisioned a future in which humans would only work “two or three days a week” because AI is doing so much of the work for us…
In fact, he also says in another interview that he thinks humans could work “two or three days a week”, which would leave time for non-work pursuits. Whether or not that would come with the same wage and living standards is, of course, yet to be seen.
That would be wonderful.
But who is going to pay us the same money for working “two or three days a week” that we used to make working five?
It just isn’t going to happen.
Let’s be real.
The truth is that AI is simply going to replace large numbers of us.
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