Elon Musks proposal of ‘universal high income’ to combat AI job losses baffles economists | Latest Tech News
Elon Musk turned heads Friday when he prompt that the federal authorities paying residents a “universal high income” is the best means to combat AI-related job losses.
“Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI,” Musk said in a post on his own X platform shortly after midnight Friday morning.
The proposal, which is still pinned to the top of his X account, rebuffed the thought that such funds can be inflationary.
“AI/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation,” he wrote.
Many economists, however, disagreed.
“He is so wrong on this,” wrote Sanjeev Sanyal, the previous top financial advisor to India’s Minister of Finance.
“AI will certainly cause dislocation, but like all technology it will also create new jobs and opportunities in the medium term. AI and robots will also not produce goods and services in excess of money or demand that there will be no inflation,” he wrote on X.
Elon Musk’s proposal rebuffed the thought that such funds can be inflationary. REUTERS
“Elon Musk’s universal high income will bankrupt any government that attempts it,” he concluded.
Another skeptic, Pratyush Rai, the co-founder and CEO of Merlin AI, concurred.
“The basic math on UHI (Universal High Income) doesn’t add up. If everyone gets a high income check, everyone’s competing for the same houses, land, schools, lifestyle,” he posted on X.
Some, however, are more hopeful that the plan might have benefit.
Former Democratic presidential hopeful Andrew Yang chimed in with tepid assist. AFP via Getty Images
Former Democratic presidential hopeful Andrew Yang chimed in with tepid assist. Yang, who popularized a related concept of Universal Basic Income (UBI) during his 2020 marketing campaign, tweeted: “It’s clear that AI will wind up funding universal income. Let’s make that happen ASAP.”
Universal high income (UHI) is a important leap from Yang’s UBI. While UBI serves to assist a particular person’s basic wants while persevering with to work, many who promote UHI preach a departure from the need to work completely.
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