The increasing rate of Automation constitute a major concern for many as Artificial Intelligence (AI) has taken away first many routine low skilled jobs from middle class in America. This has gone in parallel with with increased income-inequalities between owners of capitol and those who do the labor.
The share of income held by top 1% of the population increased to 20% up from 10% in 1980. AI and Automation influence has increased from affecting low skilled jobs, to having medium skilled jobs as Driver-less Cars, Driver-less buses to be operating in smart cities, leading to many drivers potentially loose their jobs. It is estimated that one fourth to one third of total jobs will be lost due to AI/Automation.
Many manufacturing jobs lost in the mid west and small towns across America are not to be blamed only on Trade with China but Technology and increased automation have taken these jobs away. Thus, Now, AI is projected to replace even highly skilled jobs like doctors ( work is being done to automate a portion of the Radiology Reporting through developing Algorithms!), In Medicine as well where patients would be seen by a Robot doctor will be in instead of a human doctor, in addition to employers having doctors replaced in some places with less-paid staff such as Nurse Practitioners to cut cost and improve the bottom line!
So, it looks inevitable that size of work force will go down and now comes the important questions if these jobs are going to be ever replaced. Well, most experts agree that the jobs that were eliminated by automation will not come back ,but hopefully with improved productivity and revenue generated, there will be new jobs created to make up for the ones lost.
The issue of Investor-worker balance is critical in stabilizing the economy of the middle class which is most adversely affected by the automation which would increase revenue for the investor/owner who should be investing in education and training of new skills for new jobs to be created replacing jobs lost. Thus by stabilizing the middle class in any society by offering reasonably paid jobs , not just any jobs which do not pay enough to sustain the basic needs of everyday life. This will have a positive effect on the cycle of economy as people who work and earn income will be spending money on needed items and products.
Having no job for someone who is able and willing to work would certainly leads to stress/depression and possible drug addiction ( mostly noted in the case of Opioid abuse ) which may lead to violence and crime due to sense of humiliation as being able to provide for the family make people feel dignified.
So, this is critical for the well being of the entire community by having a social support system to help those who lost old jobs as they were replaced by automation and prepare them for success with new jobs such as in case of the Germany being the biggest Economy in Europe. Even with a considerable immigrant worker population contributing positively to strength of the National Economy.
At the end of the day,maintaining a balance between old jobs lost by new jobs created , investing in training new skills, helping small businesses thrive during tough economy will have sustainable favorable impact on peace and prosperity all over the entire Country and World.
- Dr Adel Eldin,MD, FACC, FACP
- Board Certified Cardiologist
- President, Clinical Appeals Services
- Founder, CEO
- Affordable Quality Healthcare Program
- Founder, CEO
- Wesley Chapel , Florida
- Tel 877-DR ELDIN
- LinkedIN www.Linkedin.com/in/dreldin
- Twitter. Adel Eldin @LCQHealthCare
- President ,Society of Physician Entrepreneur, Tampa Bay Chapter