As artificial intelligence (AI) rapidly displaces workers across major industries in America, the concept of universal basic income (UBI) is gaining traction. Following a successful local pilot program, Cook County, Illinois has committed millions to a guaranteed income initiative.
At the same time, former U.S. presidential candidate Andrew Yang argues that taxing AI firms could fund a solution to mitigate widespread job loss.
Several recent research and company reports cited by CNN estimate the short-term and long-term effects of AI and automation on jobs.
A study by Massachusetts Institute of Technology (MIT) concludes that AI currently has the capacity to replace 11.7% of the American workforce, potentially impacting salaries of up to $1.2 trillion across major industries.
Companies such as Amazon, Salesforce, Walmart, and Meta have announced AI-related layoffs, bringing the total to approximately 1 million in the country.
In the outlook, the forecasts have become worse. According to the McKinsey Global Institute, 40% of American jobs will be displaced by AI by 2030, and 92 million positions worldwide will face a threat, according to the World Economic Forum.
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