I tend to agree with Dr Alf. According to Eric Schmidt of Google 50% of American jobs will have disappeared by 203,3 so many of today’s students will be out of work and unable to repay their student loans.
Bernanke in this article provided to us courtesy of Dr Alf is therefore propounding more of the nonsense we have come to know him for during and since the financial crisis.
Educational institutions, politicians and those in local authorities the world over, plus television commentators and economists are all in denial about AI, robotics, nanotechnology, automation and cybernetics. They still imagine that it will come right on the night and deliver “An age of leisure”, a concept I was first introduced to as a schoolboy by an English teacher called ‘Calthrop’ who wore a Harris tweed sports jacket with leather elbow patches.
The future is neither “Bright nor orange” but it will have to be faced squarely so that the fruits of production are shared more equitably and the concept of what work is for is redefined.
American parents and students are right to be worried about repaying student debt. This is a time-bomb.