The rise in Artificial Intelligence is eroding the American job market
It's no longer doomsday prophets and sci-fi buffs predicting that robots and the dawn of Artificial Intelligence will wipe out huge numbers of American jobs.
We see them everywhere: the highly-educated person delivering groceries, or the recent college grad driving for a ride-hailing company and the many people working multiple part-time jobs for which they're clearly over-qualified--they are called "Yoostas."
With so many people working "side-hustle" jobs it makes you wonder what these workers 'used to' do for a living before desperation set in?
Some estimates say that up to 40% of college graduates now work jobs that don't require a college degree.
Another ominous sign in the steady erosion of jobs due to advances in robotics and artificial intelligence.
Dion Hinchcliffe, principal analyst at Constellation Research said, "The world economic forum says we're going to go from about 30% machines doing all the work right now, to where we are today, to 50% by 2025. And that's going to cause a lot of dislocation in the job market, a lot of unemployment."
A paper published in 2013 by Oxford University, examined which jobs are susceptible to computerization and found 47% of U.S. are at jobs at risk.
“High-skilled workers have moved down the occupational ladder, taking on jobs traditionally performed by low-skilled workers, pushing low-skilled workers even further down the occupational ladder, and to some extent, even out of the labor force.” the report said.
American political analyst Scott Rasmussen of scottrasmussen.com said, "Most men, for example, think that A.I. will create enough new jobs, different types of jobs, that there will be plenty of good jobs for people willing to work. Most women say the opposite."
Among those men who believe in the future of A.I. is Home Depot founder and billionaire Bernie Marcus. "A.I. is going to bring other supporting industries. They're going to have to support it in order to do it. You have to build the robots," said Marcus.
Experts predict employment prospects in coming years will differ markedly for teenagers and other so-called 'digital natives' already acclimated to the brave new world or automation. Something their older siblings and parents, large segments of whom will face increasing pressure to re-skill and up-skill, or else they will be left behind.