Software King of the World Sir William Gates III said that software will start replacing more people and US secondary schools may not be able stay ahead of software automation.
Mincing his words, Gates dubbed the process “software substitution” or systems capable of doing jobs now done by people.
Gates, in an interview with the American Enterprise Institute reckons that 20 years from now labour demand for a lot of skill sets will be substantially lower, and he does not think people have that in their mental model.
The impact of automation on the labour market, whether it’s for drivers, waiters or nurses, is progressing and low income jobs are being eliminated by globalisation.
Now the quality of automation, software artificial intelligence, is improving fast enough that you can start to worry about middle class jobs. The US has lost manufacturing and union wage scales. Those were middle class jobs. “Automation is doing that, the wage differential is tilted, the more education you get, and the higher you are going to be paid and the tilt of that is much higher. It’s really that low end that’s been impacted the most,” said Gates.
The only way for a person to survive is through improving US education. The US has to do a better job educating its workforce.