White House report on AI urges preparations for large-scale unemployment
The Executive Office of the President has released a report on the impacts of AI-automation, titled "Artificial Intelligence, Automation, and the Economy". The report asserts that impacts will be felt within the next two decades, and policies must be taken in preparation.
Experts estimate that the number of jobs threatened by AI will range between 9-47% over the next 20 years. That's quite a significant range, but even a 9% drop would be devastating to those whose jobs are affected.
Who is most likely to be affected? The report states that low-skill, low-education, and low-pay jobs will be affected most, as wages and demand drop. The Executive Office warns that further into the future, this may manifest in the benefits of AI being extremely skewed towards those at the top of the economic food chain, resulting in extreme increases in inequality.
The report suggests modernizing social support such as unemployment, Medicaid, retirement, and other public assistance programs. Future administrations will have to grapple with the transition to AI-automation and intervene to support workers as needed. The full text of the report is available here.
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