Technological unemployment could destabilize the People’s Republic of China, Bloomberg speculates. To explain, IBM predicts automation will kill 50.3 million Chinese jobs over the next three years. Thus, the People’s Republic will need to retrain 50.3 million workers.Read more
Thus, one in four Americans runs a high risk of losing his or her job to a machine in the next decade. Ominously, Brookings’ brains think robots threaten many menial jobs long believed resistant to technological unemployment.Read more
If Brookings’ data is correct one out of four American workers faces a high risk of technological unemployment. Consequently, America could face an unemployment rate as high as that during the Great Depression in 2030, just 11 years from now. In detail, the highest measured unemployment rate in US history was 24.9% in 1933 at the height of the Great Depression.Read more
Technological Unemployment will be far more widespread and destructive than most people expect.
1. Technology will kill large numbers of jobs over the course of the next few decades.
2. Technology will create vast numbers of new jobs over the next few decades.
3. Income inequality is likely to get a lot worse. There will be a lot more rich people and many more poor people around.
4. The destruction of jobs will lead to widespread cultural, political, social, and economic upheaval.Read more
It looks as if the technological jobs apocalypse is occurring at America’s largest employer Walmart.
The world’s largest retailer has plans for a store where customers would simply take merchandise and walk out the door without stopping at a register, Recode revealed. Instead, cameras, sensors, and employees on the floor would keep track of purchases.
“Long story short, the middle of the labor market is disappearing,” Santens wrote. He envisions a new labor market in which only the highly-skilled and the low-skilled find work.Read more