On 6/20/2017 1:10 PM, John Clark wrote:
Jobs are already being lost because of the improvements in AI and it's
not just unskilled workers that are in trouble. Don't think that
because you're so smart a AI could never do your job better than you
can so the AI revolution can't effect you personally
;
in March of this year Blackrock, the world's biggest money manager
with stock funds worth over $275 billion, announced they would fire
over 40 employees including some portfolio managers with astronomical
paychecks. The reason is they decided to let computers running AI
software pick stocks and manage 11% of their funds instead of humans.
89% of Blackston's fund managers still have a job, but if I was one
of them I might decide I don't need to buy a new Rolls Royce every
month and it would be wise for me to start saving my money for a rainy
day. Improving technology has created a huge gap between the rich and
the poor and the gap isn't just increasing it's accelerating.
In 2010 the richest 388 people had as much wealth as half of the
entire human race, that's 3.6 Billion people. In 2014 the richest 85
people did. In 2015 the richest 62 people did. This year the richest 8
people did. Think of it, the 8 richest Human beings have as much
wealth as the poorest 3.6 BILLION Human beings! History has pretty
decisively shown that huge inequality just ain't healthy for any
society, although history has no examples of inequality of
the
magnitude
we have now.
The improvements in AI that are certain to come
in the next few years
will only accelerate the acceleration of this socially destabilizing
trend unless something pushes back, something like government action.
Health insurance for all might be a good place to start. However
Donald Trump wants to push for lowering taxes on the rich, getting rid
of the inheritance tax, and eliminating health care for
the
24 million
poorest people in the country;
but that's pushing in the wrong direction and will only accelerate
the acceleration of
the acceleration
of the wealth gap.
Anybody who is not terrified by this doesn't understand the situation.
One way or another this trend will NOT continue, if government action
doesn't slow down the widening of the gap something far far more
unpleasant will.
If
I were one of those 8 hyper rich people I'd be calling for change
louder than anyone because I like the fact that there is a connection
between my head and my shoulders and would prefer to keep it that way.
Let me be clear,
I'm not talking about "should", I'm not talking about morality, I'm
just saying
that
when the gap between the rich and the poor gets
too
large social instability occurs
and that can be very unhealthy for those at the very top.
And don't get too comfortable because you're not one of those
billionaires. I'd guess that everyone on this list is in the top 0.002%
of the world wealth distribution.
Brent
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