①Elon Musk, the world's richest person, believes that artificial intelligence will end the U.S. debt crisis within three years and drive productivity above the inflation rate; ②According to data from the U.S. Treasury Department, as of November 26, U.S. government debt reached $38.34 trillion, more than double what it was a decade ago.
Cailian Press, December 1 (Edited by Huang Junzhe) Over the past weekend, Elon Musk, the world’s richest individual, made a stunning new statement: Artificial Intelligence (AI) will resolve the escalating “debt crisis” in the United States within three years.
During a podcast episode aired last Sunday, Musk stated that there is only one solution to the U.S. debt issue: artificial intelligence.
“The only way out of the increasingly severe fiscal deficit in the U.S. is through productivity driven by artificial intelligence and robotics. This is almost the sole solution to the U.S. debt crisis, but it might lead to significant deflation,” he added.
According to data from the U.S. Treasury Department, as of November 26, U.S. government debt reached $38.34 trillion, more than double what it was a decade ago.
Musk further pointed out that artificial intelligence has not yet increased productivity to a level where economic output growth exceeds inflation, but this situation is about to change.
“I estimate that within three years or less, the output of goods and services will surpass the inflation rate,” he added.
Other AI Predictions
Musk also noted that advancements in artificial intelligence and robotics will make work an “optional choice” rather than a “necessity,” potentially occurring within the next two decades. He described this outcome as “universal high income,” envisioning a world where “productivity is so high and goods and services are so abundant that people do not need to work to meet basic needs.”
In recent weeks, Musk has outlined his views several times on how artificial intelligence could reshape the global economy. For instance, at Tesla’s shareholders’ meeting last month, he stated that its Optimus robots could eliminate poverty and the need for human labor.
"People often talk about eliminating poverty and ensuring everyone has access to quality healthcare. In reality, there is only one way to achieve this, and that is by using the Optimus robot," he said at the shareholders' meeting:
Musk also stated last month at the US-Saudi Investment Forum that in a future world driven by artificial intelligence, money will 'no longer be important.'
"There are still limitations in areas like electricity, but I believe that at some point, currency will become irrelevant," he said.
AI Transforms Economies
Tech leaders have been outspoken in touting artificial intelligence's ability to reshape the global economy. Google CEO Sundar Pichai said last month that AI has 'potentially extraordinary benefits' but could also lead to 'social disruption.'
"It will create new opportunities. It will evolve and transform certain jobs, and people will need to adapt. At the same time, it will impact employment in certain sectors, so I think as a society, we need to have a discussion about it," he said.
Vinod Khosla, a Silicon Valley billionaire and tech venture capital giant, has also stated that by 2030, artificial intelligence will replace 80% of high-value work. He noted that this shift would diminish the value of human labor, giving people more leisure time. Khosla also mentioned that to avoid exacerbating inequality, governments need to adopt a universal basic income system.
Of course, not everyone believes that the impact of artificial intelligence will be positive. Geoffrey Hinton, often referred to as the 'Godfather of AI,' said in an interview that while AI will bring 'substantial profit growth,' most of the wealth will flow to a small number of top individuals.
"It will make a few people much richer while making the majority poorer," Hinton said in September, adding that AI could cause 'widespread unemployment.'
He also said that the issue is not with the technology itself but with the 'capitalist system,' which determines who will benefit from the value created by AI.
Editor/Liam
