I'm not so sure about how economy works but I've had this doubt for past couple of weeks. Saw an article saying that in 18 months all white collar jobs would be automated. I mean if they keep putting people out of jobs and without paychecks they are essentially losing their customer base as well right?
For example if i work at tech and am let go because of AI the next thing i'll do is cancel all the active subscriptions i have like youtube, spotify etc for at least until I secure a fixed paycheck. Also my spending habits will change and I'll be focusing more on avoiding homelessness than spending money and purchasing goods. I believe the case is same for many people getting let go because of this. But still everyday I see companies openly discussing layoffs due to automation. Dont they see the future implications of putting a large number of people out of jobs on the economy? Or am I missing something here?
Won't the economy get effected by thousands of people losing their jobs cause of AI?
byu/Spiritual_Speech_400 ineconomy
Posted by Spiritual_Speech_400
3 Comments
The job market is just pushing all these people into underemployment or part time jobs to make it look like unemployment levels are low. I think it’ll show up more as people fall behind on the massive amount of debt the people have to pay off.
I’m just glad I’m retired from my manufacturing management job!
Thousands? You’re short at least four digits.
But it won’t be all jobs. Just the good paying ones.