Lost jobs, inequality, rogue agents: why are we accepting oligarchs’ AI agenda? | Robert Reich
Summary
The US economy lost 23,000 jobs in July, and previous months’ job numbers were revised down by 103,000. Research suggests artificial intelligence (AI) is contributing to higher unemployment and slower wage growth in jobs exposed to AI technologies.Key Facts
- The US lost 23,000 jobs in July, with May and June job totals revised downward by 103,000 combined.
- Wage growth slowed to 0.1% from June to July and increased only 3.2% over the past year, the slowest in five years.
- About 30% of US jobs are significantly affected by AI, with unemployment rates half a percentage point higher in these jobs.
- Workers in AI-exposed jobs face longer joblessness periods and harder re-employment.
- Wage growth in AI-exposed jobs fell by 6.7% since 2023, causing an estimated $28 billion loss for 5.8 million workers.
- Public concern is high: over half of Americans worry AI might cause job loss in their households.
- Campaign groups supporting AI development have raised large amounts of money, reflecting growing political influence in AI.
- Some AI-related companies, like Amazon, are investing in projects that may increase carbon emissions, raising environmental concerns.
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