Tens of Millions Of Americans Set To Lose Jobs As Artificial Intelligence Gets Even Smarter
A top researcher at Bank of America Global Research says that artificial intelligence (AI) is quickly entering a new era where it will be able to complete tasks better than humans can — and that will have a massive impact on the job market.
In an interview with Mo News, Haim Israel, the head of global thematic research and a global strategist at BofA, explained AI is in the midst of transitioning from assisting people at work to replacing us. His headline: AI could replace as many as 7 out of 10 jobs in the coming years. At issue: Americans, the education system and the government are not keeping up with the AI revolution.
AI is no longer a software. AI is the result. It is the outcome. The boundaries are now very blurry between what people are doing to what the machines are doing. —Haim Israel
FUTURE OF AI
Right now, people mainly use AI to help with their jobs, not to do the job itself, but that could quickly change.
Dario Amodei, the co-founder of the AI company, Anthropic, recently told Axios that AI could eliminate half of all entry-level white-collar jobs, resulting in a 10-20% unemployment spike within one to five years.
Anthropic developed the chatbot Claude, a competitor to OpenAI’s ChatGPT and Google’s Gemini.
On the chopping block: Sectors like technology, finance, law, and consulting are particularly vulnerable.
Some companies, like Meta, are already cutting mid-level engineering roles and shrinking their workforces. Mark Zuckerberg told Joe Rogan in January that Meta and other companies are working this year to “have an AI that can effectively be a sort of mid-level engineer that you have at your company that can write code."
Whoever will have social skills in the future will have such a big advantage compared to a Harvard top-notch graduate —Haim Israel
The issue, as Haim Israel explains, is that unlike past technological advancements — when workers could learn Excel or new machinery on the job — workers and industries will struggle to keep up with how quickly AI is growing and evolving. We had decades to adapt to the industrial revolution in the 1800s and the internet revolution in the 1990s and early 2000s. But, the AI revolution is coming much quicker than that.
With that, he predicts “more jobs will be lost before new jobs are created.” The skills workers will need in the future will center on creativity, emotional intelligence, and thinking outside the box, rather than being “book smart.”
AMERICANS IN DENIAL?
AI is already far more pervasive than most Americans realize. A Gallup poll published in January found 99% of Americans use at least one AI-enabled product like weather apps, streaming services and social media platforms every week, but nearly 64% of Americans don’t realize those platforms they use everyday utilize AI.
U.S. lawmakers are increasingly concerned about losing the AI race to China and are reluctant to put regulations in place.
Most Americans see both the government and business leaders as equally responsible for addressing AI’s shortfalls, including the spread of misinformation, data privacy issues, and the unauthorized use of people’s images or voices.
Look for this to be a huge campaign issue in next year’s midterm elections and especially the 2028 presidential election.
Israel says the AI revolution is happening — and showing no signs of slowing down. 🎧 Listen to the full conversation on the Mo News Premium Podcast, where we dive into what AI could mean for our health, education, and other trends. We are offering two weeks for free. Join Mo News Premium today!
