7M in 15 years. Unemployment is 3.7%. So we'll lose another 7M from automation and phase out of the fossil fuel industry over the next 15 years. I just don't see what the big deal is.
Society perhaps. Economy no. 3.7% unemployment.
Unemployment only includes people actively looking for work. Labor force participation is the number of people working at it's at its lowest level since the end of the Vietnam War (I don't believe this number includes Military either). Unemployment also doesn't include people that are 'underemployed'.
Can't make people work if they don't want to in this country. But rising wages will entice them - which will not happen as long as the government and business conspire to keep them low by importing a steady supply of cheap labor.
Yes. Not an issue.
A false choice, but I'll play along. 10M jobs lost to machines. Increased productivity is a good thing.
Yes. See above. Productivity is a good thing. So why are you concerned about robots?
Exactly!! You VOLUNTARILY dropped out of the labor force. Do you think you are "special" and make decision that other rich people "that no longer need to work" do not? I saw you posted about FIRE - you are not alone, my friend!
Unless population goes away, we have consumers.
Seems you transitioned to "retired" and are still a consumer. Sounds like a good occupation to transition to - and some would call it "magic". FIRE!!
Too funny!! 6% of families have $1M dollars!! Are you part of the FIRE community? LOTS of people under 60 that have achieved their goal. Maybe that is part of the drop in labor participation rate.
Yep! Some people spend everything - whether they make $50k a year, $500k a year, or $5M a year. Smart people, dumb people - all sorts of people.
People. They are not going away. They need to eat, and need smart phones and large screen TVs. Go into the poorest neighborhoods in Baltimore and you will see.
Does that describe you, @nwdiver?
Ye of little faith. Relax, my friend. Economics is a powerful force that self-corrects. As long as government does not muck it up too much.
The economy will fix that. The rich people like their lifestyle, and know pigs get fat and hogs get slaughtered. They want to maintain, but know if there is too much disparity their will be a revolution - "off with their heads!!". Taxes on the rich will go up, and they will gladly pay. Economics is a powerful force that self-corrects. As long as the government does not muck it up too much.
There are jobs that people do better than automation, such as call centres and programming. Unfortunately most of these jobs have been moved to India or some such. The other problem is mergers. Every time there is a merger consumers suffer in two ways. First competition is less so prices are higher, and second every time two companies merge the workforce is reduced by the number of people in the smaller company (generally this is across the entire company, not just the smaller company). Also since there are fewer executives, there are fewer executive class houses built, etc. And the wages that would have gone to consumers in the U.S. now goes to India. So there could be an outsourcing tax and have mergers (of large companies) be a very, very rare thing.
The 3% can drop out of the workforce and remain consumers with their riches and (eventually) their SS income. Labor participation rate goes down by 3% to offset the lost jobs. Problem solved.
I guess you missed this part. Income disparity does not end well for the rich. They know it.
Yes, until you retire. FIRE baby!! Increased productivity will mean people can work shorter weeks and retire earlier.
Picking fruit. Damn robots bruise what they don't smush. And putting insulation in cars - as Elon found out. They will get better over time.
The more the better. Farm automation eliminated 40%. We survived.
I love that word "soon". Cars will drive themselves - "soon".
We have been doing this. I expect it will continue to expand. Government continually expanding transfer payments or services.
