800 million jobs are expected to be lost by 2030 due to automation and robotic labor, according to a study by the Mckinsey Global Institute.
In 2018, machines were doing 29% of the work, and by 2022 it will be 42% and will hit 52% by 2025, by 2022, 135 million jobs related to AI will emerge, though it says it requires major investment in developing a workforce capable of working in that field, according to the World Economic Forum.
Data processing jobs are to be worst hit with 62% of jobs being taken over. 47% of American jobs are likely to be lost in the next 20 years to AI, according to the Oxford University, while there is a push by AI into areas such as design, medicine and finance too.
In a world that everything changes fast, no system can stay the same, that’s why we need a Universal Basic Income (UBI).
UBI is a fixed amount enough for subsistence given by the government to all citizens, regardless whether they are rich or poor, employed or unemployed. This is an idea that is advocated by many in Silicon Valley like Elon Musk, Mark Zuckerberg and Bill Gates.
Experts agree that as the world gets more and more automated, people will lose their jobs to machines as McKinsey Global Institute predicts, 800 million are to lose their jobs by 2030.
More robots are replacing humans that ever before, and company profits will soar as robots will bring overheads down and a robot works 24 hours a day compared to eight hours a day by humans. With corporate profits soaring, tax revenue will increase.
Governments can have license fees for robots which will be a further source of income for governments and funding for a Universal Basic Income (UBI).
The state can use this money to give a guaranteed income to every citizen, and as automation keeps steadily taking over jobs and jobs in the AI industry cannot replace the numbers lost, Universal Basic Income (UBI) being adopted may be the only solution.
Writer on The Incomer.