About 240 years and numerous industrial revolutions from the first, America could be on the verge of a new age of automation, one controlled by Silicon Valley robots and artificial intelligence.
In fact, automation could destroy as many as 73 million U.S. low skilled, low wage laborers by 2030, a recent report by McKinsey Global Institute stated.
The dire prediction that robots could take a bulk of the middle-class jobs — has led many of macro strategists to believe that significant economic disruptions are coming to America.
Karen Harris, Managing Director of Bain & Company’s Macro Trends Group, presented her fascinating keynote tilted “Labor 2030: The Collision of Demographics, Automation, and Inequality” at the Strategic Investment Conference 2018, in March.
Harris started the conference by telling John Mauldin, who hosted the conference, “the combination of a demographically shrinking workforce plus increasingly cost-effective automation will aggravate inequality, constrain demand, and put a cap on economic growth.”