AI Job Loss Rising? Elon Musk Has A Solution

xAI chief Elon Musk has once again given spark to the debate about whether the employees who lost their jobs due to artificial intelligence taking over them should be paid. In his latest social media post on X, the tech mogul suggested that a universal high-income system should be there to deal with unemployment caused by AI.Here’s What Elon Musk SaidMusk tweeted on Thursday, “Universal HIGH INCOME via checks issued by the federal government is the best way to deal with unemployment caused by AI. AI/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation.”The Tesla chief has sounded alarmed on the fears floating around inflation that may not hold in such a scenario, as AI is likely

to produce more supply of goods and services, keeping prices in check even if more money enters the economy.Musk Believes AI Rise Could Lead To Jobs DeclineMusk has highlighted several times how AI could create massive job loss. In a recent podcast with Peter H. Diamandis, the Tesla CEO asserted that AI is evolving at a pace we did not imagine, and the government may struggle to keep up with it. According to him, AI could be evolving 10 times faster than the government may think. He indicated that it will be really difficult for the officials to respond to it accordingly. He also mentioned Dave Blundin in the podcast, who has shared similar sentiments around AI.

Moreover, Musk believes that no government is fully capable today to handle the speed of change AI is going to bring, and there are no exact regulations that could manage the economic impact of AI in the future. Direct financial support from officials could act as a strong support to deal with this situation. Rather than slowing down the pace of AI, the government can act to focus on maintaining economic stability.