The business model of AI is to cause mass unemployment.

## Well strike me stupid. Toot 1/- Reading Richard Dennis -- The Australia Institute -- Newsletter in which he relates that his simple economic explanation underlying the AI boom *surprised* some Senators and impressed some US visitors. **I mean, what planet are our Senators living on?** > The business model of AI is to cause mass unemployment. The only way companies like Anthropic and OpenAI can deliver on the trillion-dollar promises they are making to potential investors is if tens of millions of companies shed hundreds of millions of workers and spend trillions on AI instead of wages. > When I made that simple observation to a recent parliamentary inquiry into AI, some of the Senators were startled. Presumably because most of the witnesses before the inquiry had been focused on their fear of missing out (FOMO) on the new tech. I always try to simplify the complex when speaking truth to power, but I was surprised that even our notoriously insular friends in the US were impressed with the clarity of what I had to say. > While it obviously hasn’t escaped the attention of the world’s governments that the massive investment in AI is a massive investment in unemployment, that this simple fact has attracted so little attention, let alone concern, shows just how poorly served voters are by our current political, media and academic debates. By the sound of it, even Denniss was shocked by the surprise he caused. What kind of government are we electing when the *Pundits* (the rest of us) know all this and our representatives do not? It goes to show how **disconnected our polies are from the reality of our lives**. You bet we should kick to lot of them out of Parliament and elect *Community Leaders* in instead. 2028 folks is your chance to *change things* for the beter. #Auspol #AIBubble #PoliesLiveOnMars

"The business model of AI is to cause mass unemployment. The only way companies like Anthropic and OpenAI can deliver on the trillion-dollar promises they are making to potential investors is if tens of millions of companies shed hundreds of millions of workers and spend trillions on AI instead of wages. When I made that simple observation to a recent parliamentary inquiry into AI, some of the Senators were startled. Presumably because most of the witnesses before the inquiry had been focused on their fear of missing out (FOMO) on the new tech." https://australiainstitute.org.au/post/the-ai-business-model-is-mass-unemployment-between-the-lines/ #auspol #ai