• 7 hours Trump Prepares For Another Key Tariff Decision
  • 11 hours The Free Money Bubble Is About To Burst
  • 1 day The Crushing Reality Of Poverty In America
  • 1 day Should You Buy Into The World’s Largest IPO?
  • 1 day The Infinite Possibilities Of Cosmic Energy
  • 2 days Analysts Link Walking To Economic Growth
  • 3 days Will Japan Turn Its Back On The Aramco IPO?
  • 4 days Global Debt Soars To $188 Trillion
  • 4 days The World's Largest Gold Miners Are Getting Creative
  • 5 days Twitter: The Saudi Spy Tool To Bring Down Dissidents
  • 5 days Broad Commodity Funds Don’t Give Enough Exposure To Gold
  • 6 days Here We Go Again: Another Giant Telecoms Mega-Merger
  • 6 days World's Largest Gold Miner Sees Profits Triple
  • 7 days Microsoft Japan Trials 4 Day Work Weeks, Productivity Soars By 40%
  • 7 days Hedge Funds Lose $4 Billion In Four Days As California Wildfires Rage On
  • 8 days New Viral App May Be A National Security Threat In Disguise
  • 8 days China's $10 Trillion Space Play
  • 8 days Human Energy: Debunking The Matrix
  • 9 days Cannabis Has Become A Real Estate Selling Point
  • 10 days The Gold Stock Boom Is Just Getting Started
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  1. Home
  2. Markets
  3. Other

Bank of England Chief Economist Says '80 million US and 15 million UK Jobs to be Taken Over by Robots'

Bank of England's chief economist Andy Haldane joined the worry over robots parade. Eighty Million US Jobs at Risk from automation says Haldane.

Speaking at the Trades Union Congress in London, Bank of England chief economist said 80 million U.S. and 15 million U.K. jobs are in danger of being taken over by robots.

Haldane added the jobs that are most at risk from automation tend to have the lowest wage. "In other words, technology could act like a regressive income tax on the unskilled. It could further widen income disparities," he said.

"Yet the smarter machines become, the greater the likelihood that the space remaining for uniquely-human skills could shrink further," Haldane said. He said what was previously unthinkable even a decade ago is now reality, like a driverless car.

Being a central banker, Haldane further pointed out that the narrowing of slack is having less impact on wages than in the past. "That might arise because technology has made it easier and cheaper than ever before to substitute labor for capital, man for machine," he said.


Jobs at Risk

Jobs at Risk


"Regressive Tax on the Unskilled"

The idea that technology is a tax on anyone is ridiculous. Technology always has, and always will enhance quality of life, with the exception of war-mongering technology.

What is clearly a regressive tax on the poor is central banks' efforts to force inflation in a deflationary world.

 

Back to homepage

Leave a comment

Leave a comment