U.S. economy poised to dominate for the next 20 years — at the cost of growing inequality, economist says
U.S. economic dominance over other countries is poised to surge in the next 20 years due to its widening lead in technology and science at the expense of growing inequality at home.
So says Gad Levanon, chief economist of the labor-research firm The Burning Glass Institute.
...
Most of the benefits of AI won’t benefit the entire country, though. Levanon said tech investors and business leaders on the West Coast will derive a “disproportionate” amount of the increase in wealth.
Artificial intelligence is likely to hurt white-collar workers more than blue-collar workers, he said, because it will eliminate more jobs that are now held by holders of college degrees.
Blue-collar workers in the trades — think electricians, plumbers, sawmill hands and so forth — could fare better. AI will have little effect on their jobs and a chronic labor shortage could lead to higher wage gains for these workers.
”As a result, the college premium, particularly for graduates of lower-ranked institutions, is likely to decline,” Levanon said.
...
...former manufacturing hubs in the Midwest, could fall further behind.
