The rich get richer they say
They also say that the poor get poorer. Now there is a fear that the advent of AI technology will broaden the wealth gap. One example given in a recent article was that the rich would use AI to free up some of their time. They would delegate those everyday mundane tasks to an AI robot.
In turn, this would free them up to do more important money-making tasks. The poorer people would not have this luxury. Partially because they could not afford the technology and partially because their priorities are different. This is what will happen to the rich man poor man in the AI Future.
The objective is the same
Whether they can afford it or not, the poorer families have the same objective as richer ones. They would like to see AI technology better retail sales, and other cost-saving options. Unfortunately, the former’s access to such results may not be in their economic reach.
The call to action
There is a cry going out to those retail businesses to do something about this disparity. Some advocates for lesser financially off families feel that the tech companies need to keep retail benefits equal for all.
In other words, these tech companies need to develop AI to fit every budget. This would allow all people to participate in the economic benefits offered to retail and other shoppers. It is a lofty goal.
This may be a smokescreen
What is meant by that is, that the subject of shopping, as an example, is distracting from the heart of the issue. It is not the time-saving feature of AI technology that will contribute to the widening of the wealth gap.
Nor is it AI’s ability to do the shopping or other mundane tasks that will broaden the disparity. The real contribution that AI makes to the wealth gap comes in another form. Business owners will use AI technology to cut down on its expenses.
They will use it to reduce its social security, taxes, and other contributions. Plus, reduce medical insurance and other insurance costs as well as lower loss of productivity due to human idiosyncrasies.
There are numerous ways that AI will help the business owner lower costs and boosts profits. Sadly, it will be at the expense of those they employ.
How nice of him
It has been stated publicly that Richard Branson, an English business magnate, investor, and philanthropist, has proposed that some of the revenue generated by AI technology be placed in a fund. This money would then be distributed to those unlucky enough to have saved any money or lost their jobs.
He wants to give a pittance to those who have helped him, and other elites, make their fortune. This is how AI technology will contribute to the wealth gap. The money will go to those already rich and do not need it.
Those who are not rich and need the money will be told to make do with the crumbs. Even in an AI world, the rich get richer and the poor get poorer. Don’t expect this to ever change even when society is changing towards AI technology.