The U.S. stands to lose 80 million jobs to automation.
Thomas Phippen reports: The robotic labor revolution is coming quickly, and the workforce may not be able to adapt without long periods of unemployment, according to economists at the Bank of England.
“Economists should seriously consider the possibility that millions of people may be at risk of unemployment, should these technologies be widely adopted.”
“Economists should seriously consider the possibility that millions of people may be at risk of unemployment, should these technologies be widely adopted,” BOE economists Mauricio Armellini and Tim Pike wrote in a post on Bank Underground, a blog for bank employees, Wednesday.
Artificial intelligence (AI) “threatens to transform entire industries and sectors,” the authors write, arguing that with the speed of industries adopting technological developments won’t give the labor force time to adjust. Read the rest of this entry »
During the 2012 presidential campaign, as I listened to the competing slogans from Republicans and Democrats, phrases repeated endlessly on the campaign trail, I had a bad feeling that the traditional GOP message was failing to recognize a hidden truth about modern America. A truth that the Democrat campaign understood, and successfully tapped into. Many Americans actually don’t want a job.
It was a subversive, nagging thought. I wanted to dismiss it. Because I wasn’t just thinking about the welfare-dependent, or Occupy Wall Street anti-capitalists, or the the aimless couch-surfers in their parents’ basement, or members of the undocumented criminal economy, or the federal and state workers, the privileged, well-connected political classes who enjoy job security and fat pensions—the other, perfectly legal criminal economy–I was thinking about a lot of normal, regular people. People for whom the tried-and-true GOP-playbook phrases about the ‘Great American Work Ethic’ fails to impress.
Work does suck. Even for those that don’t want a get-out-of-work-free card, the modern workplace is a numbing, soul-sucking, hamster-wheel cage that’s increasingly unrewarding, humiliating, and for tangible less reward.
Between the nanny middle-managers, human resources rule-makers, petty tyrant bosses, the modern workplace a less dynamic environment than it used to be.
Add to that the diminishing opportunities for advancement, portable technology invisibly leashing employees to workplace concerns even when they’re not on the clock, and flat wages, the American workplace has become a treacherous, all-bullshit, all-the-time environment that doesn’t exactly inspire industrious, risk-taking, enterprising folks the way it did a few elections ago.