From the New York Post, November 14:
Silicon Valley is preparing for the future it’s creating.
As AI eliminates white-collar jobs — dozens of tech firms have announced layoffs in the last month — the idea of universal basic income (UBI) is once again gaining momentum among tech’s biggest names, including Sam Altman, Elon Musk and Andrew Yang.
Yang — a tech investor who notably advocated for UBI when he ran for president in 2020 — told me he believes the need for regular cash payments to all citizens, no strings attached, has never been greater.
“The case for universal basic income or getting money into people’s hands just gets stronger all the time as AI gets faster and faster. The models double in power about every seven month,” he said. “Entry-level white-collar jobs are increasingly going to get gobbled up.
Last month saw the most job cuts in any October in more than 20 years according to Challenger Data. It came on the heels of tens of thousands of layoffs over the past few months, largely due to AI replacing workers.
CEOs have privately conceded to me that the cuts are just beginning with many planning to lay off more than half of their workers in the coming year or two. One source even fretted that he didn’t know how his teenage children would find entry-level work when they graduated college....
...MUCH MORE
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