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How AI Is Reshaping the Economy

Updated: Mar 7, 2023

As AI and automation become increasingly prevalent in the workplace, it's no surprise that these technological advances are reshaping the job market. From reducing the need for human labor to impacting Social Security funding, here's a look at how automated labor affects employment and what this means for our economy today. We'll explore automation and AI displacing human labor, the industries and roles most affected by automation and AI, the potential benefits of automated labor, and how society is responding to the challenges posed by these advances. Finally, we'll look at what this means for us – from job security in an age of automation to rethinking our traditional approaches to employment and social security funding. Through it all, we'll consider what kind of future awaits us in this age of automation and AI.

This blog post has been written to provide an overview of how automation and artificial intelligence are reshaping the economy, enabling readers to make informed decisions about their career paths and understand the implications for our society moving forward. So, let's dive in and learn more about the effects of automation and AI on our job market.

  1. Automation & AI: How It's Changing The Job Market

  2. How Society Responds to the Challenges of Automation & AI

  3. What This Means for Us

Let's WTFU (Wake the FICA Up), America!" - a call to action for protecting social security in the face of automation and artificial intelligence technology.

Automation & AI: How It's Changing The Job Market

Introduction to Automation & AI

Automation and AI have become some of the most talked about topics today. They allow us to see the potential for efficiency, cost reduction, and labor substitution. The possibilities are endless, from autonomous cars that can take you from point A to point B without human intervention to robots that can respond faster in hostile environments than human workers. They offer convenience, efficiency, and safety when dealing with volatile situations or hazardous environments. In these cases, AI and automation are entirely revolutionizing how we approach many jobs, timeframes, and tasks–making humans obsolete in areas once thought unimaginable. All this being said, there is a responsibility to get it right and ensure that such machines are not solely used at the expense of our environment or other people’s well-being.

Automation & AI Displacing Human Labor

Automation and AI have long been predicted to displace human labor, disrupting the traditional workforce. In many industries, this is becoming a reality; robots are now capable of performing tasks that humans have traditionally done since the industrial revolution. While increased automation might mean greater efficiency, it's essential to consider the potential consequences for workers who will no longer be needed in specific jobs. Not only will society need ways to help those workers transition into other roles, but we must also begin to think about what these changes mean for social structures, labor laws, and our overall economy. It should challenge us to ask hard questions and look at creative solutions as human labor takes on a new meaning in an era of increasingly automated and AI-driven practices.

Industries and Roles Most Affected by Automation & AI

Automation and AI are becoming more and more prevalent across the workforce, and specific industries have been feeling the impact more than others. Automation can reduce the need for specific roles, such as manual labor in construction or manufacturing assembly lines–while tasks involving creative problem-solving, customer service, and analysis of complex data still fall under human responsibility. AI also threatens to reduce repetitive tasks done by cashiers, operators, telemarketers, and loan officers while making some job opportunities obsolete. While these changes make life easier for humans in many ways, many still experience displacement due to automated systems. Organizations must strive to assist those affected by automation when introducing new technologies into their processes to ensure a secure transition for employees.

Impact on Social Security Funding

The Social Security system is our nation's most extensive social welfare program, and its funding greatly concerns many Americans. In recent years, we've seen more and more of the system's funds spent on payments each year than is brought in from taxes and other revenue sources. This has put a strain on contributions to other critical programs like Medicare and Medicaid and retirement for senior citizens who rely heavily on Social Security checks for income. If nothing changes, the current funding scenario could cause severe issues for the United States economy in the near future. Swift action must be taken now to ensure its sustained success into the future. It's time to WTFU! (Wake The FICA Up!)

How Society Responds to the Challenges of Automation & AI

Training and Retraining Programs for Displaced Workers

As automation and AI technologies have become increasingly common in the workplace, society has had to adjust. One area of particular concern is worker displacement. To face this challenge, several training and retraining programs have been launched. These programs aim to equip those no longer in their traditional roles with new skills compatible with the new reality of machine learning applications in the workplace. It's a bittersweet moment; on the one hand, it’s exciting to see how quickly technology has advanced. Conversely, it can also be difficult for a worker accustomed to specific working conditions and wages to make such a dramatic change. Still, these programs represent a critical step toward facing this societal challenge brought on by automation and AI while preparing workers for the future job market opportunities these technologies may create.

Universal Basic Income

Automation and AI are revolutionizing how people interact with technology, often allowing for increased efficiency and safety in everyday tasks. But this shift isn't without its challenges. One of society’s go-to responses to automation is the idea of Universal Basic Income (UBI). UBI characteristics vary from country to country, but most generally speaking, it is a fixed sum of money given to citizens regardless of employment status or wealth level; however, often times the amount falls below the poverty line. This income helps offset potential job displacement losses due to automation, though UBI does not come without its own debate. Some argue that accepting UBI means an abdication of responsibility for local governments to create aid programs for those affected by rising automation. In contrast, others point back at income inequality and how UBI could help reduce it. Regardless of where you stand on the issue, discussions about automation are sparking conversations about what it means to live in an automated world and how it affects our daily lives.

Tax Incentives for Businesses Investing in Automation & AI Technology

As society faces the challenges and opportunities of automation & AI technology, many governments have responded with tax incentives to encourage businesses to invest in the latest technology. In some countries, certain automation-related purchases may be eligible for reduced taxes on corporate income or value-added taxes, allowing business owners and workers alike to benefit from these technological advances. This strategy of providing tax incentives is an effective way for governments to promote investment in next-generation technologies while encouraging economic growth. On a larger scale, these tax incentives can also foster increased collaboration between government and industry, creating a more robust future economy. While new technologies bring exciting opportunities, sometimes we must take a moment and remember what came before– the people whose hard work and dedication got us here– and make sure they don't get left behind as the world continues to march forward.

What This Means for Us

We Need to Rethink How We Approach Traditional Employment and Social Security Funding.

With traditional employment taking a hit due to the Covid-19 pandemic, we must find a new way to fund Social Security. This means rethinking our approach to wage-based payments and how individuals, businesses, and the government stay financially secure in these unprecedented times. We have opportunities to manage resources differently and find creative solutions encompassing economic health and equality. It's no longer enough to crunch the numbers or hold onto predictions from years past; we must use every resource at our disposal to bring us into a better--and more economically secure--world. Now is the time for bold action and collaboration if we weather this storm without cutting corners on Social Security or bequeathing hardship upon generations of people who cannot defend themselves.

The emergence of automation and artificial intelligence technology presents a looming threat to our job security. We need to take urgent action if we are going to prevent our social security programs from being defunded - the future of the U.S. labor force depends on it. Working together, we can advocate for increased funding for training programs related to technology, STEM education reform, and tax breaks/incentives for businesses trying to retrain and hire more humans over machines. Additionally, looking into Universal Basic Income and other forms of government assistance as viable solutions at this critical juncture may be beneficial. By taking these actions, we can ensure that jobs and social security will continue in our modern age. Social Security provides economic stability for millions of people — we must do everything we can to protect it now. Let's WTFU (Wake the FICA Up), America!

SGT. Chapman, Stanley, of Tri-light & Take A Stand, a Financial Risk Protection Specialist and advocate for Wake the FICA Up.

Join SGT. Chapman, Stanley, Financial Risk Protection Specialist at Tri-light & Take A Stand, in advocating for the protection of Social Security in an age of automation & AI technology. Together we can bring meaningful change to ensure future generations' economic security. Visit Tri-light's & Take A Stand website to learn more about how you can be part of the solution! #WTFU! (Wake the FICA Up) America!

Sign up for the Wake The FICA Up ambassador program to get the latest updates on advocacy efforts, tax incentives, and other strategies you can implement today to help protect Social Security. Together we can fight for a better tomorrow. Wake the FICA Up!

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