It’s an intriguing read, but we can’t forget that the negative feedback loop of human replacement by AI displacing discretionary income will naturally have to draw to a close. If the economy can’t afford intelligence at any price, no matter how cheap the AI model inference becomes, then the whole house of cards around it will likewise collapse.
@SecDuffy Is it about time we start having a discussion about why ATC’s aren’t somehow offloaded to local airport payrolls or others that aren’t impacted by shutdowns?
@zerohedge So then certainly, economically speaking, someone is eating the tariffs? Unless there appears to be data showing up somewhere that price increases are inbound?
@Nostre_damus You’d have to imagine that the short-squeeze dynamics of an ETF that simply tracks the price of the underlying instrument wouldn’t be anything like that of a fixed-share asset or one where new shares can’t just be minted to handle price distortion?
This will be problematic for all but the top tier of borrowers, unfortunately. You’ll see a significant drop in available credit to lower income households who are more likely to carry balances, further exacerbating a precarious economic situation many face. Wouldn’t this energy be better spent working to tame inflationary pressures?
Having spent significant time living in the UK and experiencing the joys of the National Health Service firsthand, all Medicare for All would do is introduce massive government ineffeciency into an already broken system. Think DMV for your life instead of just for a drivers license.
The lack of payment at the time of service on the NHS is more than compensated for, in terms of service degradation, when you begin to realize that the NHS is simply a massive national employment program built for the benefit of those same employees. Need a doctors appointment? Good luck! In excruciating pain but not dying? Too bad, see you in 18 months! Physical therapy? What's that?
You still end up with a two-tier system of healthcare, seperated by the haves and have-nots, where those with means simply consume private healthcare services while everyone else is left with the scraps - particularly the old and the poor.
Additionally, in the UK, instead of an insurance company determing what gets approved to be paid, you simply have a government regulator, generally stuffed with the very same people who staff the FDA and CDC here - think former and/or future pharma people - determing what treatments are "NHS Approved". As you can imagine, with limited resources, this is a relatively small list.
All one needs to do is review historical healthcare expenditure data from this country, and line that data up with attempts by the government to "help" control costs, and you'll begin to realize why your doctors appointment costs $700 very quickly.
I don’t disagree with the premise here, but I think what you’ll find as you dig in is that H1B’s are being abused to fire teams of American’s en masse - largely in the IT field - who are then promptly replaced by H1B’s. These are not the AI engineering geniuses you speak of, and no rational person argues that blocking geniuses from entry is a good policy. What I think irks most people @elonmusk, particularly those Americans in tech, is that their lived experience with the H1B program is not the same as that envisaged in the law itself.
@ninaturner You have ironically just pointed out why government deficit spending financed by inflationary money printing only hurts those it's meant to help.
Because the current plan is not to balance the budget. When we’re spending north of $2T more per year than we’re collecting in taxes, shaving hundreds of billions a year doesn’t negate the need for additional deficit spending. It’s great and admirable, but that’s where this fight is going. You’re going to have a bunch of people on the right who are quite happy to continue spending $1.5T+ a year more than we’re collecting in taxes, and lauding what a great success DOGE has been, because balancing the budget was never the goal.
Economically speaking, pulling $2T out of the economy overnight would be catastrophic on paper, and would start DJT’s term off in recession without a shadow of a doubt, but this is how this has to happen. The pain is coming one way or another, either we fix it ourselves or the funding markets will eventually fix it for us just as funding markets fixed Great Britain’s deficit spending problem when the pound was no longer the reserve currency.