"Musk, in a conversation with investor and podcaster Nikhil Kamath published on Sunday, said that the only way out of America's deepening fiscal hole is productivity driven by AI and robotics. "That's pretty much the only thing that's going to solve for the US debt crisis," said Musk. "It probably would cause significant deflation," he added. The national debt reached $38.34 trillion as of November 26 - more than double its value a decade ago, per data from the US Treasury."
"AI has not yet boosted productivity enough to push economic output above the pace of inflation - but that's about to change, Musk said. "In three years or less, my guess is goods and services output will exceed the rate of inflation," he added. Musk said the advancements in AI and robotics would bring humans to "the point where working is optional," likely in the next two decades."
"Over the past few weeks, Musk has outlined his vision for how AI could remake the global economy. At a Tesla shareholder event last month, the CEO said its Optimus robot could eliminate poverty and the need for human labor. "People often talk about eliminating poverty, giving everyone amazing medical care," Musk said at the shareholder event. "There's actually only one way to do that, and that's with the Optimus robot.""
AI and robotics are identified as the sole solution to the United States' deepening fiscal hole, with productivity-driven growth expected to resolve the debt crisis. This transition would likely cause significant deflation. National debt stands at $38.34 trillion, more than double its value a decade earlier. Goods and services output is predicted to exceed the rate of inflation within three years. Advancements in AI and robotics are expected to make work optional within about two decades, creating a scenario of universal high income with abundant goods and services and potentially eliminating poverty and the need for human labor through humanoid robots like Optimus.
Read at Business Insider
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