…“Eventually, we need some form of universal basic income for everybody while they work and once they retire,” Roubini added. “We’re already on the way.”…
“We’ll have either ex-post distribution—that is universal basic income—or we’ll have it ex-ante. Ex-ante means some form of socialism,” Roubini explained. “Essentially, the government is going to take over some fraction of the big tech firms.”
He said AI companies are already willing to hand over stakes to the government, alluding to a Financial Times report that said OpenAI has discussed giving 5% as a way for the public to share in the upside of AI.
Altman’s proposal would entail other AI companies providing similar stakes, although it’s not clear if his U.S. rivals would be willing to do so.
As a result, Roubini believes universal basic income or socialism is inevitable, saying “We’re going already in that direction, effectively.”…
…he called it optimistic, given that it assumes 10% growth and “machines doing all the work.”…
China will get UBI. The only concern is if USA does it before or after China and the way things have been going it will be after.
Regardless of people’s opinion on UBI the jobs are going away. China just started the process decades ago. USA did not. China chose to plan for an orderly transition. USA chose Republicans.
China has a very weak social welfare system compared to Europe, where (in some countries) UBI already exists for the elderly and minimum income guarantees are much higher than in China, even when correcting for purchasing power. The dibao (less than 200 USD per month) alleviates extreme poverty to some extent but not much more. Its European equivalent goes up to about 2000 USD per month.