Top US Economist: AI will ‘destroy employment in some areas’

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Jan Hatzius, Goldman Sach’s Chief Economist, has won awards for predicting the Great Financial Crisis of ’08. He sat down with CNN’s Matt Egan for an exclusive interview to talk recession fears and AI. #cnn #news #economy #AI

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22 COMMENTS

  5. This is a fundamentally different paradigm shift. Only the "owners" of the world will benefit monetarily from AI. This means power will concentrate even more significantly in the hands of the mega-wealthy leading to an endgame of Corporate Totalitarianism. The world could be a utopian dream now. We have the technology now. Human nature says, "I already have more than I need but number go up!" What does an economy look like as the number of people able to participate slowly dwindles? Super Rich – Super Poor. If you have never spent time around really wealthy people and seen the way they treat their employees then you have no idea of the depth of depravity humans are capable of. Just try being an employee at Sam's Club. You get sick for 5 days your job is gone. Poof. Doesn't matter how hard you work. If you are on time. If you do everything asked. Get sick. You're gone. And that's now. What's it going to be like as AI squeezes us from every angle? Sam's club knows damn well that cereals like Cheerios has chlormequat in them and the product is still on the shelves. Don't worry. Nobody reads anymore. It's not real unless it happens to you right? Sleep tight.

  9. depression washing. stand in the administrative line to have your personal depression washed away.
    it's way beyond 'recession', for those whom calamity has been laser like focused upon for decades; you're talking about people who have long endured slave wages, extinguishment of constitutionally substantive rights, and abbreviated cultural meaningfulness, with hopes of just surviving another day,
    You'll need to explain to us a reasonable definition of the word "productivity", much better than the corporate administrative line and shareholders have thus far given language to.
    If you're talking about more productive to the health, safety, welfare of only an administratively chosen few, you'll need to get back on your long lost ship and scamper outta here.

  10. LOTS and Lots of women, are about to loose their position at the job. AS women, typically fill ALOT of those data entry, reports, paperwork jobs. Researchers are going to be under a pinch.
    IT Engineers.. IE the ones installing the hardware.. THOSE are somewhat safe for the moment, as there is not a robot YET, that can do the physical nature of the work. NOR the connectivity that is required for AI.

  11. People haven't learned to use google. It will take people decades to learn how to use AI… Technologies will increase much faster than people can absorb them.

  14. AI has its advantages and disadvantages but the biggest killer of jobs, in my experience, is bad economic policies. The Biden administration through its interventionist policies and its socialist agenda , poses an existential threat to the future of business. The inflation which was touted as superficial and temporary is proving to be resilient , that inflationary pressure and its political impact will become a factor as we draw closer to the elections. This will see the state introducing a condiment of measures mostly from the socialist handbook. Prescriptions like price controls , minimum wage increases , tax rebates for conformists, legislative reprieves on loyalists , increased welfare, an undue emphasis on unions, strict statutory enforcement on non-allies, student loan forgiveness e.t.c will begin to manifest. We have already heard accusations of a donor getting a reprieve in New York under Gavin Newsome, those are the realities of the socialist concept of governance. The tax code will cease to be a national edict as politicians weaponise it through progressive targeted taxation and enforcement . The state will determine your payments on a partisan basis, these will be part of the condiments the state will exploit for their survival. Statistics and polls will be manipulated as the state colludes with partisan private sector interest groups to fix prices on a temporary basis . The reality is the inflation hole will get bigger as the belly expands.

  15. I was a little taken aback when what he said was basically the opposite of what one might think from the headline. But, that's modern news reporting, I guess.

  19. What exactly are these new magical jobs that will be created by innovation and what's stopping companies from AI for these new jobs instead of humans? No economist can predict what will most likely happen with unregulated AI in terms of jobs?!? It's like asking what will happen if you have 10 slices of pizza and 10 people take a slice. Doesn't take a rocket scientist to determine the most likely outcome is you run out of pizza. I mean it's possible a pizza delivery person delivers another pizza by mistake so you have more, but not likely…

    I hope AI destroys all economists' jobs, they seem useless to society 🙄

  20. There will be a lot of areas where the jobs will still exist, but because of productivity enhancement there will be a lot fewer people doing them. GDP will grow but at the expense of massive unemployment and poverty, and possibly geo-political instability matching that caused by climate change.

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