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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBill Gross says helicopter money the answer to millennial job crisis
In news that is sure to depress anyone under the age of 30, Gross, the co-founder of bond investment firm PIMCO, who now runs a fund with Denver-based Janus Capital, says that while presidential hopefuls in the US spout mantras about how they are going to spur growth, none are addressing the reality of the future: that robots and technology are going to render "millions" of jobs redundant.
"Virtually every industry in existence is likely to become less labour-intensive in future years as new technology is assimilated into existing business models," Gross writes in his monthly note to investors.
Transport is a visible example of this transition and millions of truck and taxi drivers will be out of a job in the next 10 to 15 years due to driverless vehicles, he says.
Read more: http://www.smh.com.au/business/markets/bill-gross-says-helicopter-money-the-answer-to-millennial-job-crisis-20160504-gomm6h.html#ixzz47pB1ZwG5
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Full Article from Janus Capital Group: https://www.janus.com/bill-gross-investment-outlook
LisaM
(27,830 posts)it leaves out the concept that most people actually enjoy being productive and get satisfaction out of their accomplishments. Even if they have a basic income, who wants a population that just sits around all the time and doesn't have anything to do?
shraby
(21,946 posts)LisaM
(27,830 posts)This is just utterly sad.
shraby
(21,946 posts)When cars replaced horses, blacksmiths, buggy makers.
Good highways replaced trains.
Thrashing machines replaced hand labor to bring in crops.
Chain saws replaced hand saws and axes.
Wood mills replace hand cut boards.
and the list goes on.
People will find stuff to do/make. They are a very inventive species.
LiberalArkie
(15,728 posts)did the welfare reform. There was an essentially a guaranteed income. People had money in circulation. There was subsidized housing and daycare. The economy was good because there was a lot of money moving around. But the wealthy got tired of the "welfare Cadillacs being driven around. But the money was moving up and down the food chain.
socialist_n_TN
(11,481 posts)The low-growth "Long Depression" that we've been in since 2009 or so and the lack of "private sector" response to the Trillions of dollars that the government pumped into the economy for, basically, nothing has left governments and central banks with nothing to fight the next recession, except this. It's also popular on both the left and right of the economic spectrum, so it will happen. Another sign that capitalism is on its last legs.