300 Million Jobs Will Be Lost, Degraded By Artificial Intelligence, Report Says

Artificial intelligence (AI) might be all fun and games now, but the coming effects will be devastating, one top investment bank says.

Goldman Sachs estimates that 300 million jobs could be lost or diminished by the technology as automation renders human workers unnecessary.

“If generative AI delivers on its promised capabilities, the labor market could face significant disruption,” the bank said in a recent report. “Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work.”

“Extrapolating our estimates globally suggests that generative AI could expose the equivalent of 300mn full-time jobs to automation,” the bank said.

Since the report came out, others have chimed in to say artificial intelligence may pose a greater threat to humanity. Last month, Google CEO Eric Schmidt warned that AI bring existential risks, adding that governments will need to step in to ensure technology is not “misused by evil people.”

“Existential risk is defined as many, many, many, many people harmed or killed,” Schmidt said at The Wall Street Journal’s CEO Council Summit in London, CNBC reported.

“There are scenarios not today, but reasonably soon, where these systems will be able to find zero-day exploits in cyber issues, or discover new kinds of biology. Now, this is fiction today, but its reasoning is likely to be true. And when that happens, we want to be ready to know how to make sure these things are not misused by evil people,” he said.

Meanwhile, Microsoft cofounder Bill Gates has warned that AI could take over search engines like Google if, as predicted, the behaviors of users online change dramatically with the advent of the new technology.

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“Whoever wins the personal agent, that’s the big thing, because you will never go to a search site again, you will never go to a productivity site, you’ll never go to Amazon again,” Gates said during a Goldman Sachs event on AI in San Francisco last month, as quoted by CNBC.

AI assistants, for instance, could “read the stuff you don’t have time to read,” Gates said. That means users could get information without using Google search.

Microsoft moved quickly to get on top of AI, but Gates said there is a 50-50 chance that who comes out on top will be either a startup or a tech giant.

“I’d be disappointed if Microsoft didn’t come in there,” Gates said. “But I’m impressed with a couple of startups, including Inflection,” he added, referring to Inflection.AI, which was co-founded by former DeepMind executive Mustafa Suleyman.

AI is already bringing huge changes in automation. Bill Simmons, the founder of the Spotify-owned podcast network The Ringer, said the streaming platform is currently working on AI tools that will be trained to learn hosts’ voices to create targeted ads.

“I don’t think Spotify is going to get mad at me for this, but we’re developing that stuff,” Simmons said in a conversation with Derek Thompson, an editor at The Atlantic, on an episode of “The Bill Simmons Podcast.” “There is going to be a way to use my voice for the ads. You have to obviously give the approval for the voice, but it opens up, from an advertising standpoint, all these different great possibilities,” he said, according to Business Insider.

The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

Joseph Curl has covered politics for 35 years, including 12 years as White House correspondent for a national newspaper. He was also the a.m. editor of the Drudge Report for four years. Send tips to This email address is being protected from spambots. You need JavaScript enabled to view it. and follow him on Twitter @josephcurl.

White House Brags About Chart Showing Inflation Skyrocketed After Biden Took Office

The White House was dragged on Tuesday for tweeting a chart that showed inflation is lower than it was last summer — even though the chart also showed that inflation had skyrocketed after President Joe Biden was sworn in. 

In the post, the White House celebrated inflation reaching 4%, the lowest rate since March 2021, claiming the lower rate “is giving families real breathing room.” The chart may have not been the clear victory sign the Biden administration was going for, though, as it showed the massive increase in inflation from January 2021 to May 2022 when it reached 9% under the current president’s watch. 

“Great news: Today’s inflation report shows annual inflation is now at the lowest level since March 2021, and less than half of what it was last June,” the White House tweeted. “This is giving families real breathing room.”

Great news: Today’s inflation report shows annual inflation is now at the lowest level since March 2021, and less than half of what it was last June.

This is giving families real breathing room. pic.twitter.com/l5k3B9WU2t

— The White House (@WhiteHouse) June 13, 2023

The U.S. inflation rate reached a 40-year high of 9.1% under Biden’s presidency, while the inflation rate under former President Donald Trump hovered around 2% and even hit an average of 1.2% in Trump’s last full year in the White House. Conservatives took to Twitter, blasting the tweet as another Biden blunder

“Great News: The admin points out that the moment Joe Biden took office, inflation took off!” said Steve Guest, former communications director for Sen. Ted Cruz (R-TX). 

“You’re bragging about prices continuing to increase?” Jeremy Redfern, press secretary for Governor Ron DeSantis (R-FL), asked

“Last year I gained 9 lbs. This year I only gained 4. Am I losing weight?” one Twitter user asked. 

Fox News contributor Justin Haskins argued that the White House’s argument gaslights people who don’t understand how inflation works. 

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“This is so dishonest! [The WhiteHouse] knows most don’t understand inflation. Inflation going down does not mean there is more ‘breathing room.’ It means the rate of price increases is slowing, but still going up. We are paying more than ever! We need DEFLATION for prices to go down,” Haskins tweeted

In a follow-up tweet, Haskins added that it’s “outrageous that the mainstream press is not HAMMERING Mr. Biden for these comments.” 

The slight inflation rate decrease in May came as a result of lower gas prices and increases in grocery prices and other items, POLITICO reported. The recent decrease in inflation isn’t likely to convince policymakers at the Federal Reserve that the U.S. is out of the woods because “core” prices, which the Fed mainly focuses on, rose for the sixth straight month in May.

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