Fed Yellen: AI and Globalization Are Eliminating American Middle Class

【World Wide Web Reporter Lin Di】On July 12, according to foreign media CNBC reports, the Federal Reserve Chairman Janet Yellen stated that due to the advancement of technology and globalization, the American middle class is being eliminated. Legend: artificial intelligence replaces more jobs Before attending the meeting of the US House of Representatives Financial Services Committee, Yellen said that if the United States still wants to preserve the work and salary of the middle class, it must pay attention to the negative impact of automation on job opportunities in the United States. Yellen pointed out that industries like retailers are aggressively reducing the number of employees in order to bring higher returns to investors. Yellen said that understanding this issue will enable us to see the changes in reality. “The salaries and job opportunities of middle-class families are under tremendous pressure. We must take into account factors such as technological innovation. In addition, globalization has also strengthened the impact of science and technology, and middle-income work is decreasing.” "For many years, many U.S. companies have inherited cash as the king. They are reluctant to expand the scale of investment. This is something we do not want to see," Yellen pointed out. Many outstanding leaders and company executives have realized the impact of robotics and artificial intelligence on human work. Previously, Tesla CEO Musk warned that when tasks become more and more automated, humans must merge with machines to become relevant. "As time goes by, I think we may see a merger of biological intelligence and digital intelligence," Musk told the audience in mid-February this year. In June of this year, the US job market suddenly became hot, the unemployment rate fell to 4.4%, and 222,000 new jobs were added, far exceeding expectations. However, there are no signs of salary increase.

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