The Tech Takeover

” Computers, intelligent machines and robots seem like the workforce of the future. And as more and more jobs will be replaced by technology, people will have less work to do and ultimately will be sustained by payments from the government.” CEO and Co-Founder of Telsa Elon Musk

Jack Kelly’s article entitled “U.S. Lost Over 60 Million Jobs Now Robots, Tech, and Artificial Intelligence Will Take More” is currently featured in Forbes Magazine. Kelly argued that robotics and artificial intelligence will cause “double-disruption” with people in America. The traditional job market has been eroded in a matter of months. Many business have had to shut down or temporarily shut down. The World Economic Forum (WEF) says that automation will supplant about 85 million jobs by 2025. Conversely, the tech-driven economy will also create 97 million new jobs.

30% of all task are done by machines and people do the rest. Self-checkouts at grocery stores and fast food restaurants are an example. Another assertion made by the World Economic Forum (WEF) is that by 2025 there will be a 50-50 balance between humans and machines. However, some jobs that were created in the past, the concern is there may not be of these to go round, particularly as the cost of smart machine falls over time and their capabilities increase.

Who will be impacted the most? Banking and financial service employees, factory workers, and office staff will face the loss of their jobs or need to reinvent themselves in this brave new world. Millions would need to be reskilled to cope with the change, while governments would have to provide stranger safety nets.

The Fallout: States and governments have concerns about tax collections, as people are phased out and replaced by robots. Many cities are suffering financial challenges, as tax revenues plummeted with the closure of businesses and loss of income from the ranks of newly unemployed.

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Wealth Always Reigns Supreme

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