According to Bloomberg, 300,000 jobs will be lost in the financial sector over the next five years because of AI. Many of those jobs are in tech. Layoffs in IT and finance are rising at twice the rate of the rest of the economy.
The reason is programming is Ground Zero for AI. BlackRock said that countries that reduce immigration will best weather the upcoming AI slaughter.
I guess we don’t need mass migration after all.
The 300,000 number comes from 92 banking groups.
Countries with restrictive immigration polices like Korea, Japan, China will do best with AI losses. Common sense tells us that hiring low-skilled foreign workers when your own low-skilled workers are losing their jobs due to automation is a recipe for disaster.
As he said, it is progress for open borders BlackRock to recognize the issue. He attributes it to the Trump effect.
Trump is shaking everyone out of the “collective hallucination” that “importing the Third World was a good idea.”
“Learn to code.”
The article enhances the proposition that Democrats are short-sighted arrogant fools.
I disagree. Some are very astute and some are humble, though they are all fools.