Imagine this scenario:
- All companies start producing mostly using only AI and firing people, because people have no use anymore
- Joe spend most of his income on digital video games products
- Joe get fired because he got replaced by AI now, since AIs are taking over most jobs
- Joe has no income anymore
- Joe doesn’t have any more money to spend on video games
- Companies have no more profit, because people don’t have income, so people can’t spend on their AI produced products
In this scenario both lose, the company adopting AI and the worker. Am I missing something? Is there any possibility besides Universal Basic Income to keep the system running and not collapsing?
That is the question. But you’re missing one crucial element. How are the very companies employing the AI going to make money when there’s no consumer to purchase their products?
I’m sure at least some are operating under the assumption that government bailouts will be on offer (too big to fail). The industries that have received bailouts in the past are also on the AI bandwagon.
The whole system is predicated on people consuming. AI can’t take over everything to the point where people can’t buy stuff. Why would the government bailout a company that has no customers.
Bailouts help the company to become profitable so they can be repaid. Again, no customers no profit no bail out.
Eh, the US gov’t has a pretty solid track record of “bailing out” with “loans” and then “forgiving” them, aka free money for the C-suite.
Can’t be bailed out of noones got money for taxes