Summary
Senator Mark Warner stated that 25 percent of recent college graduates might soon be unemployed because of the changes AI is making in the labor market. The current unemployment rate for young graduates is 9.3 percent, the highest since the COVID-19 pandemic. Warner and others are pressing for retraining programs and more transparency on AI-related job losses.
Key Facts
- Senator Mark Warner warned about potential high unemployment rates among college graduates due to AI impacts.
- He mentioned that entry-level jobs may disappear quickly, contributing to this issue.
- The unemployment rate for recent college grads (ages 20-24) is currently 9.3 percent.
- The overall U.S. unemployment rate rose slightly to 4.4 percent.
- AI is expected to eventually create new jobs, but it may take about five years.
- Warner encourages AI companies to help fund retraining programs.
- Legislation is proposed to make companies report AI-related layoffs to the Department of Labor.
- Senator Josh Hawley supports the need for clear information on AI job impacts.
