The article discusses the potential risks posed by the rapid advancement of artificial intelligence (AI) and its impact on employment. It highlights the concern that AI could automate a significant portion of jobs, leading to widespread unemployment and economic disruption. To mitigate these risks, the article explores the concept of Universal Basic Income (UBI) as a potential solution. UBI is a form of social security in which all citizens or residents of a country regularly receive an unconditional sum of money from the government, regardless of their income or employment status. The article argues that UBI could provide a safety net for those displaced by automation, allowing them to retrain or pursue alternative careers without facing financial hardship. Additionally, it suggests that UBI could stimulate economic growth by increasing consumer spending and fostering entrepreneurship. However, the article acknowledges the challenges of implementing UBI, such as funding sources and potential disincentives for work. Overall, the article presents UBI as a viable option for addressing the potential job losses caused by AI and automation, while recognizing the complexities involved in its implementation.
Source: https://www.businessinsider.com/ubi-universal-basic-income-ai-risks-destroying-jobs-solutions-2024-7