‘Dr. Doom’ Nouriel Roubini says we’re headed for universal basic income or ‘some form of socialism’ as AI revolutionizes work—He calls that optimistic
Top economist Nouriel Roubini, who was among the first to predict the 2008 financial crash, has earned the nickname “Dr. Doom” for his dire warnings, although he has become more optimistic of late.
He insists he’s looking on the brighter side when it comes to the artificial intelligence that prompts all sorts of apocalyptic predictions.
One Interview on Bloomberg TV Roubini was asked Friday about ways to fix Social Security because the trust fund that helps finance benefits will run out of money by 2032.
He said that a large part of the population will be replaced by artificial intelligence and robots in the next 20-25 years, so raising the retirement age will not be enough.
“Eventually, we need some form of universal basic income for everyone, while they are working and after they retire,” Roubini added. “We are already on our way.”
At a time when AI is poised to disrupt the labor market, top tech leaders like OpenAI CEO Sam Altman have suggested that governments can provide people with a guaranteed amount of money; backed off the idea.
Still, the idea persists, and Britain’s investment minister said earlier this year that the government was taking action on it. focus on introducing a universal basic income As a way to support workers in industries where AI threatens to displace them.
According to Roubini, the artificial intelligence revolution is the most important revolution in human history in terms of technological innovation and will evolve into artificial general intelligence; This means that AI will match or exceed human cognitive abilities.
This, he said, will pave the way for massive economic growth, with GDP rising from 2-4 percent by the end of the decade to 6 percent in 2040 and 10 percent in 2050. At this point the government can tax the “winners” and redistribute the money to everyone.
“We will either have ex-post distribution – this is universal basic income – or we will have ex-ante distribution. Ex-ante means a form of socialism,” Roubini explained. “In effect, the government will take over some of the big tech companies.”
He said artificial intelligence companies are already ready to transfer their shares to the government. Finance Times report He said OpenAI is discussing giving 5% for the public to share the positive aspects of AI.
Altman’s proposal would require other AI companies to provide similar stakes, but it’s unclear whether U.S. rivals would be willing to do so.
As a result, Roubini believes that universal basic income, or socialism, is inevitable, saying, “We are effectively already heading in that direction.”
When asked about his prognosis, he denied that the situation was bleak. On the contrary, he described it as optimistic, as it assumed 10 percent growth and “machines doing all the work.”
