Elon Musk: AI Will Make Savings Obsolete

Invited to a podcast, the head of xAI announced a future where AI would surpass human intelligence by 2030 and where humanoid robots would outnumber us. He envisions the end of savings and salaries, with everyone having a sufficient income to obtain everything they desire. However, Fortune highlights that American households are already facing high inflation and stagnant wages.

High Inflation and Stagnant Wages Contrast with the Promise of Abundance

Fortune reports that many Americans are struggling to save. The media mentions persistently high inflation and stagnant wages. This context fosters a climate of pessimism, in stark contrast to the trajectory outlined by Elon Musk. His stance may thus encounter misunderstanding in the United States.

AI Smarter than Humanity by 2030 and More Robots than People

According to Elon Musk, artificial intelligence is expected to surpass "the intelligence of all humans combined" before 2030. He also announces that humanoid robots could become more numerous than the human population. He claims that, except for manipulating atoms, AI is already capable of performing half or more of the mentioned tasks. He anticipates a gradual replacement of traditional jobs in this context.

End of Savings and a Classic Universal Income, According to Musk

Elon Musk asserts that advancements in AI and robotics will make saving for retirement or emergencies unnecessary. He advises against worrying about saving for retirement in 10 or 20 years, believing it will no longer matter. He speaks of productivity gains exceeding what one might conceive as abundance and describes a "supersonic tsunami." In this world, he argues, a universal income would no longer be necessary because everyone would have a "universal income allowing them to obtain everything they desire," rendering salaries, savings, and social protection obsolete, with unrestricted access to better healthcare, goods, and services. These statements were made during the podcast Moonshots with Peter Diamandis. Elon Musk, presented as the richest man in the world, is the head of xAI.