Andrew Yang Warns of Massive Inequitable Impact of AI

Andrew Yang, former candidate for the presidency of the United States, recently expressed his concerns about the potential impact of artificial intelligence on the American economy. In an interview on the New York Times podcast "Hard Fork," Yang emphasized that AI could exacerbate economic inequalities to an "epic and unprecedented" level.

Yang, who campaigned for a universal basic income during the 2020 presidential election, believes that such a policy is "necessary" to counter the effects of automation on the labor market. He reminded listeners that his program, the Freedom Dividend, proposed paying $1,000 per month to every adult American, unconditionally.

An Uncertain Future for Workers

AI-related layoffs are already affecting the American labor market, and Yang fears that the consequences could be substantial. According to him, the rise of AI could lead to increased wealth concentration, with the emergence of new billionaires, even trillionaires, while many American families could find themselves struggling. "We are going to have our first trillionaire," he stated, adding that those at the top of the economic hierarchy will become even richer.

Yang described a scenario where young graduates, despite their academic efforts, could find themselves unemployed, burdened by student loans, and forced to live with their parents, which could lead to depression.

A Debate on Universal Basic Income

The concept of universal basic income divides lawmakers. Some see it as a way to enhance economic stability, while others fear it may discourage work and be too costly. Yang has already faced criticism, notably from Senator Bernie Sanders, who advocated for guaranteed federal jobs to address automation.

Taxing AI to Redistribute Wealth

Yang also proposes a tax on AI to reduce income disparities. He asserted that there should be a "100%" tax on AI, suggesting that the revenue generated from this tax be redistributed to workers. "We should try to find ways not to tax human labor," he stated, advocating for taxing AI and robots instead.

Support from Big Tech

Influential figures in Big Tech, such as Elon Musk, also support the idea of universal basic income. Musk recently stated that a "high universal income" would be the best response to unemployment caused by AI, adding that AI and robotics will produce goods and services without causing inflation.