The 21st century is turning into a nightmare for low-wage and factory workers. Globalization and moving jobs to low-wage jurisdictions like China was the theme of the past 15 years. There are signs that some jobs are coming home but it’s a trickle compared to the flood that left.
It’s about to get worse.
A speech from Bill Gates last week is getting attention today. He warned that big changes are coming to the labor market and no one is prepared.
Software substitution, whether it’s for drivers or waiters or nurses … it’s progressing. … Technology over time will reduce demand for jobs, particularly at the lower end of skill set. … 20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.
Earlier this year, I pondered how everything is quickly coming together to push automation towards a tipping point.
