“I too draw the line at automation being implemented so quickly that there are massive disruptions and nobody would be able to earn a living. “
Each innovation was met with resistance. The introduction of the sewing machine was met with riots and sabotage. It took away the traditional hand piecework done by people in their homes and sold to companies. But the sewing machine brought improved clothing within the economic reach of nearly everybody. I remember how colleges resisted the introduction of calculators. In hindsight, seeing how much more education we got when freed from the mechanics of hand calculations and slide rules I think it was a net win.
The reason machines are replacing people is caused by government. Government regulations and government financing lawsuits against employers by “special” employees has pushed companies to limit their exposure to risk by replacing the now dangerous and over-priced for-the-skill-level employees with machines. However, those machines break, require maintenance and need reprogramming and programming updates. They will cost, probably on average, just as much as employees but the liabilities of regulation and potential lawsuits has been shifted to other entities. Running a company is all about risk avoidance.
So, don’t blame companies. Blame the regulatory environment they are trying to work within.
Eventually, nearly everybody will be “consultants” or free agents paid on a 1099. Thank government for that.
Yes.
Imagine what your SS contributions will be when paid by 1099...