Fed's Barr: US should prepare for 'serious' AI job disruption, widening inequality
SPY•Fed Governor Michael Barr said the US should prepare for serious short-term job-market disruptions from AI, which could displace workers at scale and widen inequality depending on how quickly it is deployed.
1. Potential job disruption
Michael Barr said the US should prepare for “serious short-term disruptions” to the job market from artificial intelligence. Depending on how quickly it is deployed, AI could begin displacing workers at scale and widen inequality in favor of investors.
2. Uncertain outcomes
In remarks prepared for delivery at Yale University, Barr said the implications remain uncertain. He said continued competition among AI firms could make the technology a cheap, widely available commodity, with gains broadly shared, as the internet became over time.
