AI ALARMISM

US labor productivity generally increases 1%/year. Given the number of nonfarm US employees is 160 million, that means rising productivity leads, all else equal, to permanent job losses of 1.6 million employees/year. If AI doubles labor productivity growth to 2%/year, which would be stunning, job losses would double to 3.2 million/year. Given the current lack of immigration and aging population, our economy should find employment for the newly added unemployed.