Just this past weekend, Elon Musk, the world's richest man, shared another groundbreaking new perspective: artificial intelligence. (AI) will end the escalating "debt crisis" in the United States within three years.
In a podcast that aired last Sunday, Musk stated that there is only one way out of the U.S. debt problem: artificial intelligence .
"The only way to get rid of America's deepening fiscal loopholes is through artificial intelligence and robotics." "Driven productivity (increases). This is almost the only way to solve the U.S. debt crisis, but it could lead to severe deflation," he added.
According to data from the U.S. Treasury Department, as of November 26, the U.S. national debt reached $38.34 trillion, more than double what it was a decade ago.
Musk further pointed out that artificial intelligence has not yet increased productivity to a level sufficient to drive economic output growth outpacing inflation, but this is about to change.
“I estimate that within three years or less, output of goods and services will outpace inflation,” he added.
Other AI predictions
Musk also stated that advancements in artificial intelligence and robotics will make future jobs "optional" rather than "mandatory," and this could happen within the next two decades. He described this outcome as "universally high incomes," in a world where "productivity is so high and goods and services are so abundant that people don't have to work to meet basic needs."
In the past few weeks, Musk has outlined his views on how artificial intelligence will reshape the global economy on several occasions. For example, at Tesla last month... At the shareholders' meeting, he stated that his Optimus robot could eliminate poverty and the need for human labor.
“People often talk about eradicating poverty and making quality healthcare accessible to everyone. There’s really only one way to do that, and that’s using the Optimus robot,” he said at the shareholders’ meeting.
Musk also stated at the US-Saudi Investment Forum last month that money will "no longer matter" in the future world of artificial intelligence.
“There are still limitations in areas such as electricity, but I think that at some point, currency will become irrelevant,” he said.
AI is changing the economy.
Tech leaders have been outspoken in touting the potential of artificial intelligence to reshape the global economy. Google CEO Sundar Pichai said last month that AI has "potentially extraordinary benefits" but could also cause "social chaos."
“This will create new opportunities. It will evolve and transform some jobs, and people will need to adapt. At the same time, it will also impact employment in certain sectors, so I think that as a society, we need to have a discussion about this,” he said.
Silicon Valley billionaire and tech venture capitalist Vinod Khosla has previously stated that artificial intelligence will replace 80% of high-value jobs by 2030. He said this shift will diminish the value of human labor, giving people more leisure time. Khosla also stated that to avoid exacerbating inequality, governments need to implement universal basic income systems.
Of course, not everyone believes the impact of artificial intelligence is positive. Geoffrey Hinton, often referred to as the "godfather of artificial intelligence," stated in an interview that while AI will bring "significant increases in profits," most of the wealth will flow to a small group of top individuals.
“It will make a few people richer and the majority poorer,” Hinton said in September, adding that artificial intelligence could cause “massive unemployment.”
He added that the problem is not with the technology itself, but with the "capitalist system," which determines who will reap the value created by artificial intelligence.
(Article source: CLS)
