Bill Gates: People Don't Realize How Many Jobs Will Soon Be Replaced By Software Bots
Speaking at Washington, D.C., economic think tank The American Enterprise Institute on Thursday, Gates said than within 20 years, a lot of jobs will go away, replaced by software automation ("bots" in tech slang, though Gates used the term "software substitution").
This what he said:
"Software substitution, whether it's for drivers or waiters or nurses … it's progressing. ... Technology over time will reduce demand for jobs, particularly at the lower end of skill set. ... 20 years from now, labor demand for lots of skill sets will be substantially lower. I don't think people have that in their mental model."
He's not the only one predicting this gloomy scenario for workers. In January, the Economist ran a big profile naming over a dozen jobs sure to be taken over by robots in the next 20 years, including telemarketers, accountants and retail workers.
Gates believes that the tax codes are going to need to change to encourage companies to hire employees, including, perhaps, eliminating income and payroll taxes altogether. He's also not a fan of raising the minimum wage, fearing that it will discourage employers to hire workers in the very categories of jobs that are most threatened by automation.
"When people say we should raise the minimum wage. I worry about what that does to job creation ... potentially damping demand in the part of the labor spectrum that I'm most worried about."
- I asked Microsoft's 'new Bing' to write me a cover letter for a job. It refused, saying this would be 'unethical' and 'unfair to other applicants.'
- Microsoft's ChatGPT-powered Bing browser now available publicly
- Don't be in a hurry to prepay but plan EMIs better, say experts as home loan burden set to rise
- RBI continues to ‘watch inflation’ closely even as industry hopes for a pause
- PM Modi endorses Indian Oil's 'Surya Nutan' solar cooker at India Energy Week! Should you switch?
- Adani Power's Q3 profit plunges 96% to Rs 9 cr as expenses rise
- After an Ather 450X catches fire, the company says its battery is safe — fire was due to a wiring harness issue
- CCTV camera for home with mobile connectivity for 2023