Productivity Growth Omega Point

Productivity has been growing for years. Which means fewer and fewer people are needed to produce the amount of stuff that people have been buying. So there are layoffs. Unemployed people don’t spend as much, so demand drops. Some jobs have gone overseas to later return to heavily automated factories. In much of the developed world, there are not going to be enough manufacturing jobs to keep people employed. Europe seems to be catching on to this earlier than the United States. Robert Reich, a former US Secretary of Labor, explains Why We’ll Need a Universal Basic Income.

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