Most people aren’t fretting about an AI bubble. What they fear is mass layoffs | Steven Greenhouse

Artificial intelligence could make income inequality even worse and create a new underclass. Governments and society must take action

Nowadays there seems to be nonstop discussion about AI, with much of the conversation focused on whether there's a speculative bubble or whether the chipmaker Nvidia is really worth $5tn or whether OpenAI will beat its rivals in developing new generations of artificial intelligence. But the vast majority of Americans - just like the vast majority of Europeans and Asians - couldn't care less about those things.

Their big concern is whether AI is going to cause huge layoffs and create a disastrous job market, especially for younger workers. Dario Amodei, CEO of Anthropic, a leading AI company, fed those fears when he said that AI could wipe out half of all entry-level white-collar jobs in the next one to five years and increase unemployment in the US to 10% to 20%. In October, Bernie Sanders, the top Democrat on the Senate education and labor committee, issued a report saying AI and automation could replace up to 97m jobs in the US over the next decade.

Steven Greenhouse is a journalist and author, focusing on labour and the workplace, as well as economic and legal issues